Back to the complete issue
Sunday, 14 March 2021

On your marks…

Race for Alex Medical to heat up later this month: A consortium of Mabaret Al Asafra Hospitals and investment firm Tana Africa Capital will submit an offer to acquire 100% of Alexandria Medical Services before the end of March, intensifying the race for the healthcare player, Al Mal reports, citing sources close to the transaction. Tana Africa, which holds a minority stake in Mabaret Al Asafra, plans to cover a “big part” of the transaction and is also mulling loans from local banks, the sources said. Mabaret Al Asafra’s board is due to sit down in the coming days to hash out the final details of the bid, they added.Tana and Mabaret Al Asafra first lodged interest in Alex Medical back in January, reportedly reaching out to the Abu Dhabi Commercial Bank (ADCB) which acquired its 51.5% stake. Neither Mabaret Al Asafra nor Tana Capital were available to comment on the story.

Bidding war heating up? A consortium made of Saudi’s Tawasol Holdings and Speed Medical subsidiary Speed Hospitals Company is also looking to acquire the firm. Tawasol — already a 26% shareholder of Alex Medical — is eyeing the remaining 74% stake in the company and will reportedly offer to purchase the shares at EGP 38.09 apiece. The two could potentially be joined by an unnamed local healthcare investor, sources said earlier this month. ADCB confirmed last week that it’s looking to offload its entire stake and tapped CI Capital as its sell-side advisor.

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 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; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.