Sunday, 6 June 2021

The bookies should be running odds on who’s going to get Alex Medical

 Yas Holding launches bid for Alex Medical: It looks like yet another company has joined the bidding war for Abu Dhabi Commercial Bank’s (ADCB) 51.4% stake in Alexandria Medical, as the UAE’s Yas Holding (formerly known as Emirates Advanced Investments | LinkedIn) has made a mandatory tender offer for up to 100% of the Alexandria New Medical Center operator, the Financial Regulatory Authority said in a statement (pdf). The UAE-based group is targeting at least 51% of Alex Medical through an MTO at EGP 47.98 per share, valuing the company at close to EGP 684 mn.

Advisors: Pharos Holding’s former investment banking arm, which was acquired last year by National Bank of Egypt-owned Al Ahly Capital, is reportedly Emirates Advanced’s financial advisor on the transaction, according to sources quoted by Hapi Journal.

We’ve lost count at this point: The MTO is the latest in a string of bids to acquire the ADCB-held shares. It followed a parallel MTO launched by TAT for Medical Services — a subsidiary of Alexandria Healthcare Investments last week at EGP 45.53 apiece and another by Cleopatra Hospital fielded at EGP 38.53 each in mid-May. At least four other parties — including Nile Scan, healthcare investment firm Seha Capital, and a consortium led by Saudi’s Tawasol Holdings and Sherif El Akhdar’s LimeVest — separately expressed interest in the company but are yet to make their bids official.

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.