{"id":595042,"date":"2019-09-15T02:54:59","date_gmt":"2019-09-15T02:54:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/correction-actis-takeover-of-abraaj-africa-fund-ii-has-no-connection-with-cleopatra\/"},"modified":"2019-09-15T02:54:59","modified_gmt":"2019-09-15T02:54:59","slug":"correction-actis-takeover-of-abraaj-africa-fund-ii-has-no-connection-with-cleopatra","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/correction-actis-takeover-of-abraaj-africa-fund-ii-has-no-connection-with-cleopatra\/","title":{"rendered":"CORRECTION- Actis takeover of Abraaj Africa Fund II has no connection with Cleopatra"},"content":{"rendered":"<p><b>CORRECTION- Actis takeover of Abraaj Africa Fund II has no connection with Cleopatra: <\/b>Private equity firm Actis\u2019 takeover of Abraaj Africa Fund II and Abraaj South East Asia Fund II last week will not impact the shareholder structure of Cleopatra Hospitals Group, as neither fund holds a stake in the company. \u201cCleopatra Hospitals Group\u2019s management would like to clarify that there has been no change in ownership, company directors or officers following the recent media speculations regarding Actis reaching an agreement to take over the management of two more buyout funds from the Abraaj Group,\u201d Cleopatra Chairman Ahmed Badreldin told Enterprise in an exclusive statement. \u201cThe two funds under speculation have no direct or indirect investments in Cleopatra Hospitals Group,\u201d he added. His statement follows a news story we ran on Thursday, incorrectly stating that Cleopatra was somehow impacted by last week\u2019s takeover. <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/12\/actis-takes-over-two-more-abraaj-buyout-funds-in-africa-and-southeast-asia\/\">The story has since been corrected on our website.<\/a><\/p>\n<p><b>The current ownership structure: <\/b>The<a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/16\/its-official-actis-takes-over-management-of-apef-iv-and-aaf-iii-funds-from-abraaj\/\">Actis-managed Abraaj Private Equity Fund IV<\/a> (APEF IV) and Abraaj North Africa Fund II (ANAF II) \u2014 currently managed by RMBV \u2014 both hold a 37.9% indirect stake in Cleopatra Hospital Group, Badreldin, who is on the management team of RMBV, tells us. APEF IV has a 42.5% indirect interest in Care Healthcare, while ANAF II has a 30% indirect interest in Care, he added. Three of ANAF II\u2019s investors \u2014 the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), and PROPARCO \u2014 together hold a combined 27.5% indirect stake in Care separate from the fund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORRECTION- Actis takeover of Abraaj Africa Fund II has no connection with Cleopatra: Private equity firm Actis\u2019 takeover of Abraaj Africa Fund II and Abraaj South East Asia Fund II last week will not impact the shareholder structure of Cleopatra Hospitals Group, as neither fund holds a stake in the company. \u201cCleopatra Hospitals Group\u2019s management [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[4991,922,4313,192,72,4172,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595042","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-abraaj","tag-actis","tag-ahmed-badreldin","tag-cleopatra-hospitals-group","tag-enterpriseam","tag-rmbv","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"141e2669-4ef6-402e-944a-f0ef4e0f8829","is_powered_by":true,"section_story_id":"9cb4b9c8-7a4a-474e-8c5f-f0673b7fe2ca","story_type":"1","photo_url":"","photo_position":"above","related_issue":[595025],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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A document written by Abraaj\u2019s liquidators shows that the firm was removed from managing\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596826,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/cleopatra-denies-knowledge-of-actis-impending-creed-healthcare-takeover\/","url_meta":{"origin":595042,"position":2},"title":"Cleopatra denies knowledge of Actis\u2019 impending Creed Healthcare takeover","author":"enterpriseam admin","date":"9 July 2019","format":false,"excerpt":"M&A WATCH- Cleopatra Hospitals Group (CHG) has said that it has no knowledge of an impending management takeover of the company\u2019s majority shareholder Creed Healthcare and its subsidiary, Care Healthcare, by private equity fund Actis. The company \u201chas not been informed of any change in shareholding structure, company directors or\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596771,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/actis-gets-approval-to-take-over-management-of-chgs-majority-shareholder\/","url_meta":{"origin":595042,"position":3},"title":"Actis gets approval to take over management of CHG\u2019s majority shareholder","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"M&A WATCH- Actis gets regulatory approval to manage Cleopatra Hospital\u2019s majority shareholder: EM private equity fund Actis received approval from the Financial Regulatory Authority (FRA) to take over the management of Creed Healthcare Holdco from now-defunct EM private equity giant Abraaj, Al Mal reported, citing unnamed sources. 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