Back to the complete issue
Thursday, 26 April 2018

Abraaj exits CIRA

M&A WATCH- Abraaj exits education company CIRA: Emerging markets private equity giant Abraaj has reportedly sold its 35% stake in CIRA back to the Egyptian education company’s founding shareholders, Al Mal reports. The stake was bought by Social Impact Capital Ltd, a vehicle belonging to the family of Hassan El Qalla, according to the newspaper. Bloomberg reported on Sunday that Abraaj was in advanced talks to sell a 35% stake in CIRA to the family shareholder as part of a series of moves to lighten its footprint following allegations that it misused funds from a USD 1 bn healthcare fund. These moves also include delaying the IPO or sale of its North African hospitals business, which owns a dozen hospitals and clinics in Egypt, Tunisia, and Morocco worth a collective USD 500 mn. Abraaj had tapped EFG Hermes and Citigroup back in January to manage the sale, the business information service reported.

Will CIRA now relist on the EGX? CIRA is “strongly considering” plans to relist on the EGX, El Qalla reportedly said. He added that all will be revealed some time in September, according to the newspaper.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.