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.
OTHER DEBT NEWS-
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.