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Thursday, 13 September 2018

CIRA to acquire additional 24% stake in Al Saeed Education Services

**#5 M&A WATCH- CIRA to acquire additional 24% stake in Al Saeed Education Services: Leading private sector education provider Cairo Investment and Real Estate Development (CIRA) announced yesterday that it intends to acquire an additional 24% stake in its subsidiary Al Saeed Education Services for EGP 10 mn, according to a filing to the EGX (pdf). The company will buy the shares from shareholder Al Saeed Investments in two transactions worth EGP 5 mn each, bringing its total holding of Al Saeed to 99% from 75%. CIRA, which announced its intention to go public late last month, is expected to begin trading on the EGX as of 1 October. The company expects to price its shares at EGP 5.45-6.30.

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