{"id":573792,"date":"2020-08-18T04:14:24","date_gmt":"2020-08-18T04:14:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/cleopatra-hospital-group-speed-medical-deny-theyre-pursuing-alex-medical\/"},"modified":"2020-08-18T04:14:24","modified_gmt":"2020-08-18T04:14:24","slug":"cleopatra-hospital-group-speed-medical-deny-theyre-pursuing-alex-medical","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/cleopatra-hospital-group-speed-medical-deny-theyre-pursuing-alex-medical\/","title":{"rendered":"Cleopatra Hospital Group, Speed Medical deny they\u2019re pursuing Alex Medical"},"content":{"rendered":"

<\/a> M&A WATCH-<\/strong> Speed Medical, Cleopatra Hospital Group deny interest in Alex Medical<\/strong>: <\/strong>Speed Medical and Cleopatra Hospital Group (CHG) and Alexandria Medical Services yesterday denied (here<\/a> and here<\/a> \u2014 pdfs) reports that they are looking to buy embattled Indian bn\u2019aire BR Shetty\u2019s majority stake in Alexandria Medical. Al Mal earlier in the day<\/a> reported that the two were among a group of investors looking to acquire Shetty\u2019s 87.6% stake in the company, citing unnamed sources in the healthcare industry. Alexandria Medical Services also denied having knowledge (pdf)<\/a> of any intent by Speed Medical and CHG to acquire the stake.<\/p>\n

Abu Dhabi Commercial Bank was said to be involved in the talks.<\/strong> The sources claimed that NMC\u2019s largest creditor Abu Dhabi Commercial Bank was in talks with potential bidders for the Alex Medical stake. The Emirati bank led an appeal<\/a> at a UK court to place NMC into administration at the beginning of April, and had its application granted to appoint Alvarez & Marsal as administrators.<\/p>\n

Why does BR Shetty\u2019s name sound familiar to you?<\/strong> Alex Medical\u2019s majority shareholder BR Shetty resigned as the company\u2019s chairman earlier this year<\/a> following allegations of fraud at his London Stock Exchange-listed Emirati health firm NMC Health and fintech startup Finablr. Once the largest healthcare firm in the UAE, NMC entered administration in April<\/a> after an investigation revealed bns of USD in unreported debt. The company began selling off assets in May<\/a> to raise funds to repay its creditors.<\/p>\n

Alex Medical <\/strong>distanced itself from Shetty<\/a><\/strong> as the scandal unfolded<\/strong> and reassured investors that the company\u2019s finances will not be affected by NMC\u2019s insolvency.<\/p>\n

In related news: <\/strong>Shetty has stepped down as co-chairman of Finablr and has left the company\u2019s board, Reuters<\/a> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Speed Medical, Cleopatra Hospital Group deny interest in Alex Medical: Speed Medical and Cleopatra Hospital Group (CHG) and Alexandria Medical Services yesterday denied (here and here \u2014 pdfs) reports that they are looking to buy embattled Indian bn\u2019aire BR Shetty\u2019s majority stake in Alexandria Medical. Al Mal earlier in the day reported that […]<\/p>\n","protected":false},"author":1,"featured_media":573793,"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":[8572],"tags":[988,2336,192,72,361,551,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abu-dhabi-commercial-bank","tag-alexandria-medical-services","tag-cleopatra-hospitals-group","tag-enterpriseam","tag-nmc-health","tag-speed-medical","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2887e3f2-62ad-4927-8d19-e449d67d15cc","is_powered_by":true,"section_story_id":"80fdf495-1342-4345-a5bd-6387379141bd","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/142.jpg","photo_position":"above","related_issue":[573785],"teaser":"","voice_url":""},"yoast_head":"\nCleopatra Hospital Group, Speed Medical deny they\u2019re pursuing Alex Medical - 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\/2020\/08\/18\/cleopatra-hospital-group-speed-medical-deny-theyre-pursuing-alex-medical\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleopatra Hospital Group, Speed Medical deny they\u2019re pursuing Alex Medical\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Speed Medical, Cleopatra Hospital Group deny interest in Alex Medical: Speed Medical and Cleopatra Hospital Group (CHG) and Alexandria Medical Services yesterday denied (here and here \u2014 pdfs) reports that they are looking to buy embattled Indian bn\u2019aire BR Shetty\u2019s majority stake in Alexandria Medical. 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CHG submitted\u2026","rel":"","context":"In "SPEED ROUND:M&A WATCH"","block_context":{"text":"SPEED ROUND:M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-roundma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565917,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/cleopatra-wants-100-of-alex-medical\/","url_meta":{"origin":573792,"position":1},"title":"Cleopatra wants 100% of Alex Medical","author":"enterpriseam admin","date":"17 May 2021","format":false,"excerpt":"Cleopatra mounts Alex Medical takeover bid: Cleopatra Hospitals Group (CHG) has submitted a mandatory tender offer to acquire up to 100% of Alexandria Medical Services in a transaction that would value the company at EGP 550 mn, the EGX-listed group said in a statement (pdf) this morning. The company has\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561539,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/12\/red-hot\/","url_meta":{"origin":573792,"position":2},"title":"Red hot","author":"enterpriseam admin","date":"12 April 2021","format":false,"excerpt":"The bidding war for Alexandria Medical looks to be heating. EGX-listed Cleopatra Hospitals Group (CHG) is now reportedly throwing its hat in the ring for Abu Dhabi Commercial Bank\u2019s (ADCB) 51.5% stake in Alexandria Medical Services, Al Mal reports, citing unnamed sources it says have direct knowledge of the transaction.\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\/4\/112.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565627,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/its-official-4-investors-are-in-the-bidding-war-for-alex-medical\/","url_meta":{"origin":573792,"position":3},"title":"It\u2019s official: 4 investors are in the bidding war for Alex Medical","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"Healthcare investment firm Seha Capital is the latest to throw its hat in the ring for Alexandria Medical Services as Abu Dhabi Commercial Bank(ADCB) looks to offload its 51.54% stake, Alex Medical said in an EGX disclosure (pdf).The company is now officially being courted by four bidders: EGX-listed Cleopatra Hospitals\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565939,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/first-cleopatra-now-nile-misr\/","url_meta":{"origin":573792,"position":4},"title":"First Cleopatra, now Nile Misr.","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"Nile Misr Healthcare plans to lower its initial offer for a majority stake in Alexandria Medical Services following Cleopatra Hospital Group\u2019s (CHG) bid yesterday, Managing Director Tarek Moharram told us this morning. The race for Abu Dhabi Commercial Bank\u2019s 51.4% stake in the healthcare provider took a turn yesterday, when\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/380.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565776,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/raya-wraps-up-agreement-to-sell-bariq-to-intro-group\/","url_meta":{"origin":573792,"position":5},"title":"Raya wraps up agreement to sell BariQ to Intro Group","author":"enterpriseam admin","date":"4 May 2021","format":false,"excerpt":"Raya agrees BariQ sale: Raya Holding has signed an agreement with Intro Group subsidiary Intro Waste Management to sell 100% of its recycling arm BariQ in a transaction that values the company at more than EGP 490 mn, Raya said in a statement (pdf) this morning. Raya\u2019s board had originally\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573792","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=573792"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573792\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573793"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573792"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573792"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}