Cleopatra Hospital acquires Al Kateb for EGP 350mn

Wednesday 05 December 2018 01:18 PM

Cleopatra Hospital.
Cleopatra Hospital.

By Sherif Omar:
Cleopatra Hospitals Group has acquired Al Kateb Hospital in a deal worth EGP 350mn as part of the group’s expansion plan in healthcare sector in the local market.
In a statement sent to the Egyptian Exchange yesterday, the group said that the shareholders agree on the fair value report by the financial consulting firm FINCORP with Al Kateb Hospital being valued at EGP 266mn.
Al Mal newspaper learned that Cleopatra will finalize ownership transference procedures in the Egyptian Exchange by the end of 2018. By completing the takeover, Al Kateb Hospital will be the fifth medical institution acquired by the group.
Cleopatra has appointed the investment bank EFG-Hermes and the law firm Zulficar & Partners to act as the financial and legal advisors on the deal respectively.
Consolidated financial statements of Cleopatra Hospitals showed that profit rose by 166% to EGP 224.9mn during the first 9 months of 2018 compared to EGP 84.6mn in the corresponding period of 2017.