CORRECTION- Actis takeover of Abraaj Africa Fund II has no connection with Cleopatra: Private equity firm Actis’ takeover of Abraaj Africa Fund II and Abraaj South East Asia Fund II last week will not impact the shareholder structure of Cleopatra Hospitals Group, as neither fund holds a stake in the company. “Cleopatra Hospitals Group’s management would like to clarify that there has been no change in ownership, company directors or officers following the recent media speculations regarding Actis reaching an agreement to take over the management of two more buyout funds from the Abraaj Group,” Cleopatra Chairman Ahmed Badreldin told Enterprise in an exclusive statement. “The two funds under speculation have no direct or indirect investments in Cleopatra Hospitals Group,” he added. His statement follows a news story we ran on Thursday, incorrectly stating that Cleopatra was somehow impacted by last week’s takeover. The story has since been corrected on our website.

The current ownership structure: The Actis-managed Abraaj Private Equity Fund IV (APEF IV) and Abraaj North Africa Fund II (ANAF II) — currently managed by RMBV — both hold a 37.9% indirect stake in Cleopatra Hospital Group, Badreldin, who is on the management team of RMBV, tells us. APEF IV has a 42.5% indirect interest in Care Healthcare, while ANAF II has a 30% indirect interest in Care, he added. Three of ANAF II’s investors — the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), and PROPARCO — together hold a combined 27.5% indirect stake in Care separate from the fund.