Cleopatra Hospitals looks to fund new acquisition through EGP 700 mn capital increase

Cleopatra Hospital Group plans to raise its issued capital to EGP 800 mn from a current EGP 100 mn by issuing 1.4 bn new shares to existing shareholders at a share price of EGP 0.5. The company applied for approval from the EGX after receiving clearance from the Egyptian Financial Supervisory Authority a few backs. The increase will be used to fund the acquisition of a EGP 600 mn hospital and the repayment of a EGP 100 mn loan, CEO Ahmed Ezzeldin tells Al Borsa on Thursday.