EGX sets timeline for CI Capital’s bid on Cleopatra shares
Subscription for CI Capital’s bid for a chunk of Cleopatra Hospitals kicks off today: Cleopatra Hospital Group shareholders have until Sunday, 26 December to subscribe to CI Capital’s voluntary tender offer (VTO), which it launched last week to acquire 26.2% of the company, according to the timeline set by the EGX yesterday. Shares will change hands within five working days of the end of the tender offer, by Sunday 2 January.
Regulatory approval: MCI Capital Healthcare Partners, a CI Capital subsidiary, got the green light from the FRA last week on its offer to purchase up to 339.3 mn shares in Cleopatra at EGP 5 apiece, valuing the company at EGP 8 bn. CLHO is Egypt’s second-largest healthcare company by market capitalization.
Already on board: Cleopatra’s biggest shareholder, Creed Healthcare’s subsidiary Care Healthcare, agreed to sell an 8-12% stake in the company from its holdings (126-192 mn shares) at the offer price. This would reduce its stake in CHG to 26-30%, but maintain its position as its largest shareholder, netting as much as EGP 960 mn. Creed Healthcare — backed by several international DFIs and private equity firms — owns 37.9% of CHG through its subsidiary Care Healthcare, after divesting a 31.5% stake in 2019. Mid-market investment firm RMBV’s Ahmed Badreldin helped create Cleo and is now chairman of the board, sitting as a representative of Creed. RMBV is a double-bottom-line firm with holdings in Egypt, Tunisia, Libya, Algeria, Morocco, Senegal and Ivory Coast, including EGX-listed higher ed outfit Taaleem in Egypt.
ADVISORS: Zulficar & Partners is acting as legal advisor to MCI Capital.