{"id":619995,"date":"2024-05-14T00:00:00","date_gmt":"2024-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans-plus-news-from-tmg-cleopatra-and-bokra\/"},"modified":"2024-05-14T00:00:00","modified_gmt":"2024-05-14T00:00:00","slug":"seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans-plus-news-from-tmg-cleopatra-and-bokra","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans-plus-news-from-tmg-cleopatra-and-bokra\/","title":{"rendered":"SEIC to conduct due diligence on CIRA ahead of acquisition plans. PLUS: News from TMG, Cleopatra, and Bokra"},"content":{"rendered":"<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>SEIC to conduct due diligence on CIRA: <\/strong>CIRA Education\u2019s board approved the proposal submitted by the Saudi Egyptian Investment Company (SEIC) \u2014 a wholly-owned subsidiary of the Public Investment Fund \u2014 to acquire 75-100% of the company through CIRA\u2019s majority shareholder Social Impact Capital (SIC), allowing them to conduct due diligence, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/879.pdf\" style=\"\" rel=\"noopener\">EGX<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/879.pdf\" style=\"\" rel=\"noopener\">disclosure<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/879.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> SEIC said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a82c702-10eb-4631-b5ba-77ad9f1a1781\/\" style=\"\" rel=\"noopener\">last week<\/a> that it will buy into SIC, the vehicle through which the founding El Kalla family holds a controlling stake in EGX-listed CIRA Education. SIC will use the cash injection to launch a mandatory tender offer to buy CIRA shares at a price of EGP 14 each to up its stake in the company to 75-100%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Baker Tilly will act as the transition's financial advisor and prepare a fair value study for CIRA\u2019s shares. Rothschild &amp; Co is advising PIF, with Allen &amp; Overy and our friends at Matouk Bassiouny doing legal duties. Our friends at EFG Hermes are advising El Kalla family, while White &amp; Case is legal counsel.<\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Units at TMG\u2019s debut project in Saudi Arabia are going for sale tomorrow: <\/strong>The Saudi arm of Talaat Moustafa Group will start selling off units in its mixed-use Benan City project tomorrow, TMG said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/882.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The project\u2019s soft launch, targeting a select clientele, kicked off on Saturday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Benan City?<\/strong> The smart city is being developed in eastern Riyadh\u2019s Al Fursan in partnership with the Saudi National Housing Company. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1863d30d-e2c5-4721-8879-3f85b05ac31b\" style=\"\" rel=\"noopener\">SAR 65 bn<\/a> city will house nearly 27k residential units and it marks the Egyptian real estate giant\u2019s first overseas project.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cleopatra Group plans to kick off operations at its new USD 50 mn ceramics <\/strong><strong>factory in June<\/strong>, founder and board chairman Mohamed Abou El Enein told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63694\/%D9%85%D8%B5%D9%86%D8%B9-%D9%83%D9%84%D9%8A%D9%88%D8%A8%D8%A7%D8%AA%D8%B1%D8%A7-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D8%A8%D9%83%D9%84%D9%81%D8%A9-50-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%8A%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1-%D9%86%D8%B5%D9%81-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC%D9%87\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The factory will operate six ceramic production lines and aims to export 50% of its output, Abou El Enein added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And in tourism: <\/strong>Cleopatra has invested USD 25 mn in a 450-room hotel in the North Coast\u2019s Sidi Heneish that will open \u201cwithin ten days,\u201d Abou El Enein said, adding that the company is \u201ccurrently working to expand [its] investments in the media sector.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:&nbsp;<\/strong>In November last year, Abou El Enein said that Cleopatra Group was looking to invest some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01c1d323-33d2-4a22-a2c8-003fb5759698\/egyptair-places-big-airbus-order.-plus:-news-from-sodic,-afreximbank,-hayat,%253cmark%253e-cleopatra%253c%2Fmark%253e-group\" style=\"\" rel=\"noopener\">EGP 120 bn<\/a> into its tourism, real estate, and ceramics subsidiaries.<\/p>\n<p class=\"tag-border-left\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A precious metals investment platform:<\/strong> Local fintech startup <a target=\"_blank\" href=\"https:\/\/www.bokra.com\/\" style=\"\" rel=\"noopener\">Bokra<\/a> has partnered with gold investment firm <a target=\"_blank\" href=\"https:\/\/dahabmasr.com\/\" style=\"\" rel=\"noopener\">Dahab Masr<\/a> to launch the platform Bokra Dahab, which will allow users in Egypt, UAE, and KSA to invest in precious metals, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/887.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Baker Tilly will act as the transation\u2019s financial advisor and prepare a fair value study for CIRA\u2019s shares<\/p>\n","protected":false},"author":1,"featured_media":619996,"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":[7209],"tags":[111,402,7411,72,7128,131,7345,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-cira-education","tag-cleopatra","tag-enterpriseam","tag-ma-watch","tag-manufacturing","tag-public-investment-fund","tag-real-estate","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"c8da2ce3-4b0e-4c39-a6e7-8e9d8246e761","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/948.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SEIC to conduct due diligence on CIRA ahead of acquisition plans","related_issue":[619977],"teaser":"Baker Tilly will act as the transation\u2019s financial advisor and prepare a fair value study for CIRA\u2019s shares","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.4fdc4c96-bc8e-47e0-a100-ce03e48a700c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEIC to conduct due diligence on CIRA ahead of acquisition plans. 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January 2025","format":false,"excerpt":"\u201cThis transaction represents a bold leap toward realizing our ambition of reshaping education across the region,\u201d said CIRA Education CEO Mohammed El Kalla","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657223,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/pif-backed-sic-gets-green-light-to-acquire-up-to-100-of-cira-education\/","url_meta":{"origin":619995,"position":3},"title":"PIF-backed SIC gets green light to acquire up to 100% of CIRA Education","author":"enterpriseam admin","date":"17 December 2024","format":false,"excerpt":"SIC\u2019s offer represents a 21.8% premium on CIRA\u2019s average share price over the three months ending on 4 November","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1569.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654598,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/05\/sic-submits-mandatory-tender-offer-to-own-up-to-100-of-cira-education\/","url_meta":{"origin":619995,"position":4},"title":"SIC submits mandatory tender offer to own up to 100% of CIRA Education","author":"enterpriseam admin","date":"5 November 2024","format":false,"excerpt":"SIC has offered to purchase some 284.3 mn of CIRA\u2019s shares at EGP 15 a piece","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A 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