Palm Holding ups stake in Incolease

Palm Holding ups stake in Incolease: Palm Holding for Financial Investments has acquired the British Arab Commercial Bank’s stake in the International Company for Leasing (Incolease) for EGP 70.8 mn, according to EGX disclosures (here, pdf and here, pdf). The transaction brings Palm Holding’s stake in Incolease to 26.9%.

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The details: Palm Holding acquired some 1.73 mn shares in Incolease for around EGP 41 per share. Commercial International Brokerage Company (CIBC) was the broker on the transaction.

Remember: Palm Hills Developments restructured its stake in Incolease and sold it to Palm Holding in a EGP 149.9 mn transaction back in February 2023. A consortium of four state-owned banks and ins. companies had exited Incolease in 2022, selling their 38.7% stake for EGP 316.9 mn.

What the company does: Incolease offers leasing services with a focus on assets including commercial vehicles, machinery, IT equipment, production lines, and real estate.

CITY LAB EXPANDS PORTFOLIO-

City Lab to own 50% of two firms: Medical diagnostic services provider City Lab will own a 50% stake in each of Egypt-based firm Distinguished Diagnostics and Saudi firm Saudi Egyptian Company for Medical Laboratories, both through capital increases, the company said in a press release (pdf). City Lab is paying some SAR 100k (EGP 1.3 mn) for its stake in Saudi Egyptian Company for Medical Laboratories and EGP 4.4 mn for its stake in Distinguished Diagnostics.

Not the only acquisition on City Lab’s radar: In July, City Lab appointed the Financial Advice Corporate Transactions (FACT) as independent financial advisor to provide a second opinion on the value of acquisition target Cairo Clinical Labs, after its board approved the due diligence conducted for the acquisition.

Remember: Premium Diagnostics UAE upped its ownership in City Lab to 25.0% in June.