Back to the complete issue
Sunday, 21 February 2021

Tawasol isn’t self-financing AMS acquisition

FACT CHECK- Is Tawasol Holdings self-financing its acquisition of a stake in Alexandria Medical Services? Not according to its financial advisor, Prime Capital, whose managing director Sherif Bolbol told Enterprise that the company could turn to bank finance to fund the transaction. Al Mal reported on Thursday that Tawasol is planning to self-finance the takeover, but Bolbol tells us that it is in advanced talks with an unnamed bank and that the exact structure of financing will be decided later.

The transaction is c. 2 months away from closing: All documents related to the purchase offer, which includes development plan and listing status, will be submitted within two months to the EGX and the Financial Regulatory Authority, he added. Tawasol Holdings, which already holds a 25.92% stake in Alex Medical, is looking to take full ownership of the company by snapping up the remaining stake at EGP 38.09 per share.


Egypt Learning Group (ELG) will receive a EGP 113 mn loan from the National Bank of Egypt to fund the establishment of an international schools complex in Sixth of October City, Al Shorouk reports, citing unnamed banking sources. The long-term facility will fund 41% of the EGP 275 mn first phase of the project. ELG had invested a separate EGP 1 bn in two schools — the Leeds English School and Leeds British School — in Sheikh Zayed and the Fifth Settlement respectively.

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; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.