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Thursday, 28 April 2022

One of Cleopatra Hospital’s East Cairo projects falls through. Another lives on

Cleopatra Hospitals cancels plans for 400-bed medical facility: Cleopatra Hospitals Group (CHG) will not be moving forward with its brownfield project in East Cairo, the company announced in a regulatory filing (pdf) on Tuesday. The company called off the investment after conditions precedent were not met, Hassan Fikry, CHG’s executive director of strategy and business operations, told Enterprise, without disclosing further details.The EGX-listed healthcare group had signed an agreement to acquire the property from an undisclosed seller in October and planned to develop it into a 400-bed medical facility.

Cleopatra still has a major ongoing project in the same area of Cairo: The group will develop and operate Sky Hospital, a 200-bed brownfield general hospital in East Cairo’s Fifth Settlement area for a 27-year period, under a partnership agreement with three state-run petroleum companies that will continue to own the property. Operations are expected to start in late 2023, according to the company’s latest earnings release (pdf).

REMINDER- CLHO recently reported record quarterly revenues, posting an EGP 648.7 mn top line in the fourth quarter of last year.

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