Al Tayseer ups its stake in Mansoura Medical Center

Al Tayseer Healthcare Group (THG) has upped its stake in Mansoura MedicalCenter to 50.3%, acquiring an additional 17.3 % of the company’s equity through a mandatory tender offer in a transaction worth EGP 97 mn, CEO Mohamed Gazar told the local press. THG plans to spend EGP 120 mn over the next 12-18 months to modernize the center once they obtain management rights, Gazar said. Gazar had previously said that THG would seek full ownership of the center as part of its EGP 700 mn expansion drive, which includes an EGP 200 mn expansion of their Zagazig hospital and the acquisition of an 80% stake in an unnamed hospital in Alexandria this year.