Abraaj’s Cleopatra’s hopes to raise EGP 600 mn with its secondary offering on the EGX, Al Borsa reports, quoting “high level sources.” The newspaper notes that Cleopatra expects the independent financial advisor’s fair value report “this week” and says the transaction could be executed as early as late May. Selling shareholders — including the European Bank for Reconstruction and Development, France’s Proparco, Germany’s DEG and funds managed by Abraaj Group — will use a closed subscription to effectively reinject the proceeds of the transaction into Cleopatra to drive growth. The company announced last week (see its intention to float here, in PDF) that it plans to offer up to 40 mn shares, including 34 mn for international investors and 6 mn in an Egyptian retail offering. As is customary, it hasn’t yet announced an indicative price range for the offering. Selling shareholders will subscribe to the closed offering at the same price at which they sold in the secondary offering. Egypt’s largest private-sector hospital group is offering 25% of outstanding shares. EFG Hermes, the sole global coordinator and bookrunner for the offering, will be taking Cleopatra on the road to meet institutional investors, according to reports in the local press.