{"id":626940,"date":"2018-07-16T03:59:39","date_gmt":"2018-07-16T03:59:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/"},"modified":"2018-07-16T03:59:39","modified_gmt":"2018-07-16T03:59:39","slug":"actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/","title":{"rendered":"Actis looks to buy Abraaj Group\u2019s 95% stake in Nahda University"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>M&A WATCH- Global private equity firm Actis is reportedly in early talks to acquire Abraaj Group\u2019s 95% stake in <\/strong><a href=\"https:\/\/www.abraaj.com\/portfolio\/tiba-group\/\"><strong>Nahda University<\/strong><\/a><strong>, <\/strong>sources close to the matter <a href=\"http:\/\/www.almalnews.com\/Story\/382641\/11\/%C2%AB%D8%A3%D9%83%D8%AA%D9%8A%D8%B3%C2%BB-%D8%AA%D8%B3%D8%B9%D9%89-%D9%84%D8%B4%D8%B1%D8%A7%D8%A1-%D8%AD%D8%B5%D8%A9-%C2%AB%D8%A3%D8%A8%D8%B1%D8%A7%D8%AC%C2%BB-%D9%81%D9%89-%D8%AC%D8%A7%D9%85%D8%B9%D8%A9-%D8%A7%D9%84%D9%86%D9%87%D8%B6%D8%A9\">tell Al Mal<\/a>. The transaction would not be finalized until after Abraaj completes its court ordered restructuring and liquidation, as decision-making at the UAE-headquartered firm is on hold until then, according to the newspaper. Its sources add that Matouk Bassiouny has been tapped as sellside advisor, while Zaki Hashem is advising Actis.<\/p>\n<p><strong>Emirati court dismisses charges against Abraaj founder:<\/strong> Meanwhile, a UAE court dismissed criminal charges against Abraaj founder Arif Naqvi and firm executive Muhammad Rafique Lakhani for bouncing checks, <a href=\"https:\/\/www.reuters.com\/article\/us-abraaj-court-founder\/court-dismisses-criminal-case-against-founder-of-uaes-abraaj-idUSKBN1K504U\">Reuters reports<\/a>. The dismissal comes after the claimant dropped the charges, the judge said. The dismissal offers some relief to the beleaguered PE outfit, which is trying to sell its investment management business after filing for provisional liquidation last month. It is estimated that the firm owes more than USD 1 bn.<\/p>\n<p><strong>On that front, PwC highlights Abraaj\u2019s \u201cunstable\u201d business model and bad accounting: <\/strong>PricewaterhouseCoopers \u2014 which along with Deloitte was hired to act as provisional liquidators \u2014 called out Abraaj\u2019s \u201cunusual\u201d business model reliant on short-term borrowing and missing key financial statements in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-07-12\/abraaj-said-to-post-188-million-loss-after-using-investor-funds\">a report seen by Bloomberg<\/a>. The confidential report noted \u201cmultiple layers of leverage\u201d as the company borrowed to offset a \u201clong-running liquidity shortfall between the investment management fees and operating expenses.\u201d <strong>In simple terms: Abraaj was living beyond its means. <\/strong><\/p>\n<p><strong>Where was the board of directors? <\/strong>PwC also reportedly said it has \u201cbeen unable to obtain standalone annual financial statements or management accounts for the company. \u2026 This lack of financial record-keeping raised the question of how the company\u2019s directors were able to ensure that the company was solvent and being effectively managed.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- Global private equity firm Actis is reportedly in early talks to acquire Abraaj Group\u2019s 95% stake in Nahda University, sources close to the matter tell Al Mal. The transaction would not be finalized until after Abraaj completes its court ordered restructuring and liquidation, as decision-making at the UAE-headquartered firm is on hold until [&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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626940","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c778936b-297e-4e99-ae8f-40eeafd04396","order":"0","is_powered_by":true,"section_story_id":"1348c167-4f99-443d-adad-2874bd49c41b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[626934],"teaser":"","voice_url":""},"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>Actis looks to buy Abraaj Group\u2019s 95% stake in Nahda University - 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\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Actis looks to buy Abraaj Group\u2019s 95% stake in Nahda University\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- Global private equity firm Actis is reportedly in early talks to acquire Abraaj Group\u2019s 95% stake in Nahda University, sources close to the matter tell Al Mal. The transaction would not be finalized until after Abraaj completes its court ordered restructuring and liquidation, as decision-making at the UAE-headquartered firm is on hold until [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-16T03:59:39+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Actis looks to buy Abraaj Group\u2019s 95% stake in Nahda University\",\"datePublished\":\"2018-07-16T03:59:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/\"},\"wordCount\":304,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/actis-looks-to-buy-abraaj-groups-95-stake-in-nahda-university\/\",\"name\":\"Actis looks to buy Abraaj Group\u2019s 95% stake in Nahda University - 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The firm told Abraaj \u2014 which is liquidating and undergoing a court-ordered restructuring after allegations surfaced about the misallocation of\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":597086,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/its-official-actis-takes-over-management-of-apef-iv-and-aaf-iii-funds-from-abraaj\/","url_meta":{"origin":626940,"position":1},"title":"It\u2019s official \u2014 Actis takes over management of APEF IV and AAF III funds from Abraaj","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"It\u2019s official \u2014 Actis takes over management of APEF IV and AAF III funds from Abraaj: Emerging markets private equity giant Actis has officially taken over the management of the Abraaj Private Equity Fund IV (APEF IV) and Abraaj Africa fund III (AAF III) in a landmark transaction for PE\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\/2019\/7\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","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":626940,"position":2},"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. Creed Healthcare, also\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\/2019\/7\/1552.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595042,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/correction-actis-takeover-of-abraaj-africa-fund-ii-has-no-connection-with-cleopatra\/","url_meta":{"origin":626940,"position":3},"title":"CORRECTION- Actis takeover of Abraaj Africa Fund II has no connection with Cleopatra","author":"enterpriseam admin","date":"15 September 2019","format":false,"excerpt":"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\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":594966,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/12\/actis-takes-over-two-more-abraaj-buyout-funds-in-africa-and-southeast-asia\/","url_meta":{"origin":626940,"position":4},"title":"Actis takes over two more Abraaj buyout funds in Africa and Southeast Asia","author":"enterpriseam admin","date":"12 September 2019","format":false,"excerpt":"Actis takes over two more Abraaj buyout funds: Actis has reached an agreement to take over the management of two more buyout funds raised by defunct private equity giant Abraaj, according to the Wall Street Journal. 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":624319,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/five-pe-firms-are-kicking-the-tires-of-spinneys-the-abraaj-owned-retailer\/","url_meta":{"origin":626940,"position":5},"title":"Five PE firms are kicking the tires of Spinney\u2019s, the Abraaj-owned retailer","author":"enterpriseam admin","date":"5 September 2018","format":false,"excerpt":"** #7 M&A WATCH- Five PE firms are kicking the tires of Spinney\u2019s, the Abraaj-owned retailer: Abraaj Group-owned Spinney\u2019s Egypt is reviewing offers from five unnamed private equity funds hoping to acquire stake in the company from Egyptian shareholders looking to exit their investments, CEO Mohanad Adly tells Al Mal.\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626940","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=626940"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626940\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626934"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626940"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626940"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}