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Thursday, 4 February 2021

Healthcare outfit Alfa lands USD 100 mn investment

UK government development finance arm CDC will invest USD 100 mn in healthcare group Alfa Medical (AMG) alongside healthcare investor Africa Platform Capital, AMG and CDC announced in a joint press release (pdf). The investment — which has been in the works since early last year — will go towards funding the establishment of the new Alfa Medical City, supporting the expansion of AMG’s laboratories and radiology centers into underserved regions, and establishing a training academy for AMG employees and other healthcare professionals. AMG owns and operates brands including Alfa Scan and Alfa Labs (with about 140 branches in total), and the 170-bed El Safa Hospital.

CDC had launched a USD 250 mn investment platform focusing on the pharma industry with EBRD and DPI last year, and had acquired almost 100% of pharma company Adwia as its first investment. The consortium of investors had said they planned to raise an additional USD 500 mn to invest in the pharma industry across Africa through the new platform.

The news comes as consumer healthcare giant IDH works toward a listing on the Egyptian Stock Exchange as early as this month. The London Stock Exchange-listed company, Cairo-headquartered company will see at least 5% of its shares listed here at home. IDH is the parent company of Al Borg and Al Mokhtabar labs, making it the country’s largest provider of diagnostic services. The Actis-backed outfit has also moved into radiology in Egypt and is a leading player in Jordan, Sudan and Nigeria.

Advisors: Matouk Bassiouny & Hennawy and Clifford Chance LLP were counsel to CDC, according to a statement (pdf).

IN OTHER INVESTMENT NEWS-

Agricultural commodities outfit Cairo 3A plans to invest EGP 100 mn this year to expand the capacity of a vegetable oil refining factory, Al Mal reports. The company hopes the expansion will help it boost oil sales by 40%, and also plans to double its tea sales this year.

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