Back to the complete issue
Tuesday, 19 June 2018

Cleopatra says Abraaj owns less than 5%, confirms it is still on hunt for acquisitions

Cleopatra Hospitals Group has put out a statement reassuring investors that troubles at Abraaj won’t impact the nation’s largest private-sector hospital group. Abraaj’s stake in Cleopatra is in the single digits, it said. “Abraaj Capital does not own any direct stake and indirectly owns less than 5% of Cleopatra through its investment as a limited partner in the private equity funds it manages,” the company said in a statement on Thursday (pdf). The statement notes that private equity funds managed by Abraaj, together with development finance institutions, own a combined c.69% of Cleopatra.

Meanwhile, Cleo is still on the hunt for acquisition targets, the company said in a bourse filing on Thursday (pdf). Among the companies Cleopatra is considering is El Katib Hospital in Dokki, the firm added. Cleopatra noted, however, that it has yet to take any actionable steps to acquire a hospital, including seeking regulatory approval. The statement in response to what the company said was an erroneous reports in Al Mal that claimed Cleo was close to completing an acquisition. The statement also came a day after the Financial Regulatory Authority blocked (pdf) its attempted acquisition of El Nozha International Hospital.

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.