Cleopatra Hospital general assembly Okays valuating Al Kateb Hospital at EGP266mn

Thursday 06 December 2018 01:33 PM

Cleopatra Hospital.
Cleopatra Hospital.

Al Mal:
The general assembly of Cleopatra Hospital Company has approved the fair value report advanced by the independent financial advisor FINCORP, in which Al Kateb Hospital is valued at EGP 266mn.
The report was prepared in accordance with article 44 of the rules of listing and delisting securities in the Egyptian Exchange with the purpose of acquiring the land and building of Al Kateb Hospital and transferring the activity, assets and equipment of the mentioned hospital to Cleopatra Hospital. 
The general meeting also agreed on implementing the provisional sale contract for the land and building of Al Kateb Hospital. Once the final value of the deal is determined, and implementation is started, it will be disclosed, taking into account obtaining the approval of Ministry of Health.
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.