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Tuesday, 13 November 2018

CIRA to IPO Badr City medical complex

IPO WATCH- CIRA will eventually look to IPO its Badr City medical complex: Private-sector education provider Cairo Investment and Real Estate Development (CIRA) is hoping to eventually list its medical complex in Badr City, CEO Mohamed El Kalla said. El Kalla did not state when CIRA plans to spin-off the complex, which will operate 18 large hospitals, or when it plans to list the subsidiary. Construction will kick off in about two years.

New acquisitions coming: El Kalla said the company is also considering a number of acquisitions as part of its expansion plans and said CIRA will invest EGP 1.1 bn over coming 3-5 years, including EGP 550 mn earmarked to build eight new faculties to Badr University, EGP 300 mn to build new schools and another EGP 300 mn on building a new branch for the university. In addition to proceeds from its recent IPO, the company will use a combination of bank finance and proceeds from its exit of real estate investment to help fund its growth.

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