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Sunday, 3 June 2018

Abraaj sold 35% stake in CIRA for more than USD 20 mn

INVESTMENT WATCH- Abraaj sold 35% stake in CIRA for more than USD 20 mn: Abraaj Capital reportedly sold last week its 35% stake in education outfit Cairo for Investment & Real Estate Development (CIRA) back to its founding shareholders — the family of Hassan El Kalla — in a transaction valued at over USD 20 mn, sources close to the matter said. We had noted reports back in April that Abraaj selling its investment in CIRA to Social Impact Capital Ltd — a vehicle belonging to the Kalla family — ostensibly to lighten the PE giant’s global footprint following allegations that it misused funds from a USD 1 bn healthcare fund. The founding shareholders’ buyback comes as CIRA eyes a potential IPO as early as 4Q2018.

Advisers: EFG Hermes and Al Tamimi Law were reportedly buy-side advisors, while Abraaj tapped the UK’s Allen & Overy.

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