{"id":553597,"date":"2021-12-09T03:42:11","date_gmt":"2021-12-09T03:42:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/ci-capital-pushing-into-the-private-healthcare-sector\/"},"modified":"2021-12-09T03:42:11","modified_gmt":"2021-12-09T03:42:11","slug":"ci-capital-pushing-into-the-private-healthcare-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/ci-capital-pushing-into-the-private-healthcare-sector\/","title":{"rendered":"CI Capital pushing into the private healthcare sector"},"content":{"rendered":"

<\/a> <\/sup>CI Cap<\/strong><\/sup><\/sup>ital is staking its claim in Egypt\u2019s healthcare sector with a bid<\/strong> to acquire more than a quarter of Cleopatra Hospitals Group<\/strong> (CHG), the country\u2019s second-largest healthcare company<\/sup>. MCI Capital Healthcare Partners, a subsidiary of the state-owned<\/a> financial services company, has submitted a voluntary tender offer to acquire a 26.2% stake in CHG at a cost of EGP 2 bn, the Financial Regulatory Authority (FRA) said in a regulatory filing (pdf)<\/a> yesterday. MCI Capital has offered to purchase the shares at EGP 5 apiece, valuing the company at EGP 8 bn.<\/sup> CI Capital declined to comment on the transaction when approached by Enterprise.<\/p>\n

Cleopatra\u2019s share price surged on the news<\/strong>, gaining nearly 4.7% yesterday to close at EGP 4.70 apiece. CI Capitals shares gained 1% to close at EGP 4.10.<\/p>\n

The company\u2019s<\/strong> single biggest shareholder<\/strong><\/sup> is on board:<\/strong> Creed Healthcare, which owns 37.9% of CHG through its subsidiary Care Healthcare, has agreed to sell an 8-12% stake in the company from its holdings (126 mn-192 mn shares) to MCI, CHG\u2019s corporate strategy and IR director Hassan Fikry told us. This would reduce its stake in CHG to 26-30%, but maintain its position as its largest shareholder, netting Creed shareholders as much as EGP 960 mn.<\/p>\n

What\u2019s Creed:<\/strong> Creed used to own more than two-thirds of CHG but divested a 31.5% stake<\/a> in 2019. Creed shareholders include the European Bank for Reconstruction and Development, France\u2019s Proparco, Germany\u2019s DEG alongside private equity firms (pdf)<\/a>. Mid-market investment firm RMBV<\/a>\u2019s Ahmed Badreldin helped create Cleo and is now chairman of the board, sitting as a representative of Creed. RMBV is a double-bottom-line firm with holdings in Egypt, Tunisia, Libya, Algeria, Morocco, Senegal and Ivory Coast, including EGX-listed higher ed outfit Taaleem in Egypt.<\/p>\n

Who else owns a chunk of Cleopatra? <\/strong>Some 62% of the company\u2019s shares are held by \u201cothers,\u201d according to the company\u2019s investor deck, which notes that key freefloat shareholders include Franklin Templeton Investments, VanEck, Norges Bank, Wasatch Funds, and Consilium Investment Management.<\/p>\n

The <\/strong>acquisition bid comes on the back of a strong 2021 for the healthcare company<\/strong>, which has reported (pdf)<\/a> 58% earnings growth during the first nine months of the year. CHG posted net income of EGP 288.1 mn during the period on the back of 38% growth of revenue.<\/p>\n

What are the next steps: <\/strong>The transaction is still subject to the approval of the FRA. If CI Capital\u2019s bid is approved and its transaction vehicle closes on the 8-12% from Care Healthcare, MCI will likely acquire the rest of the shares through the EGX.<\/p>\n","protected":false},"excerpt":{"rendered":"

CI Capital is staking its claim in Egypt\u2019s healthcare sector with a bid to acquire more than a quarter of Cleopatra Hospitals Group (CHG), the country\u2019s second-largest healthcare company. MCI Capital Healthcare Partners, a subsidiary of the state-owned financial services company, has submitted a voluntary tender offer to acquire a 26.2% stake in CHG at […]<\/p>\n","protected":false},"author":1,"featured_media":553598,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[576,3066,136,192,72,76,7128,3067],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-banque-misr","tag-care-healthcare","tag-ci-capital","tag-cleopatra-hospitals-group","tag-enterpriseam","tag-financial-regulatory-authority","tag-ma-watch","tag-mci-capital","wpautop","entry"],"acf":{"mongo_id":"8a67bda2-2571-4d68-b600-30894ac00789","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/271.jpg","photo_position":"above","related_issue":[553593],"teaser":"","voice_url":""},"yoast_head":"\nCI Capital pushing into the private healthcare sector - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/ci-capital-pushing-into-the-private-healthcare-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CI Capital pushing into the private healthcare sector\" \/>\n<meta property=\"og:description\" content=\"CI Capital is staking its claim in Egypt\u2019s healthcare sector with a bid to acquire more than a quarter of Cleopatra Hospitals Group (CHG), the country\u2019s second-largest healthcare company. 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The EGX-listed company had expected to finalize an agreement with the Ole\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554086,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/20\/cleopatra-board-greenlights-ci-capitals-bid\/","url_meta":{"origin":553597,"position":4},"title":"Cleopatra board greenlights CI Capital\u2019s bid","author":"enterpriseam admin","date":"20 December 2021","format":false,"excerpt":"CHG gives the nod to CI Capital\u2019s acquisition bid: Cleopatra Hospital Group\u2019s (CHG) board of directors has approved a bid from CI Capital to acquire up to 26.2% of the company, according to an EGX filing. MCI Capital Healthcare Partners, the CI Capital subsidiary that\u2019s executing the acquisition, last week\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/398.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545943,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/18\/el-ezaby-appoints-yomna-el-ezaby-md-vice-chair-and-ceo-mci-capital-takes-up-4-seats-on-cleos-board-following-stake-buy\/","url_meta":{"origin":553597,"position":5},"title":"El Ezaby appoints Yomna El Ezaby MD, vice chair and CEO + MCI Capital takes up 4 seats on Cleo\u2019s board following stake buy","author":"enterpriseam admin","date":"18 April 2022","format":false,"excerpt":"El Ezaby Pharm. has appointed Yomna El Ezaby (LinkedIn) as managing director, vice chairman and CEO, succeeding Maha Farid Shalaby (the wife of El Ezaby Chairman Ahmed El Ezaby), who passed away in February, Al Mal reported. Yomna has served as an executive manager at the pharma firm since 2009.Cleopatra\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=553597"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553597\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553598"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553597"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553597"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}