{"id":644476,"date":"2024-09-26T00:00:00","date_gmt":"2024-09-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/26\/palm-hills-yasseen-mansour-snaps-up-more-of-taaleem-magrabi-and-rivoli-vision-to-merge\/"},"modified":"2024-09-26T00:00:00","modified_gmt":"2024-09-26T00:00:00","slug":"palm-hills-yasseen-mansour-snaps-up-more-of-taaleem-magrabi-and-rivoli-vision-to-merge","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/26\/palm-hills-yasseen-mansour-snaps-up-more-of-taaleem-magrabi-and-rivoli-vision-to-merge\/","title":{"rendered":"Palm Hills\u2019 Yasseen Mansour snaps up more of Taaleem + Magrabi and Rivoli Vision to merge"},"content":{"rendered":"

PHD\u2019s Yasseen Mansour ups his stake in Taaleem:<\/strong> Egyptian businessman and Palm<\/a>Hills Developments\u2019<\/a> (PHD) Chairman Yasseen Mansour has bought a additional 10.1% stake in higher education outfit Taaleem<\/a> in an EGP 773.2 mn transaction, according to an EGX disclosure (pdf)<\/a>.<\/p>\n

A closer look at the transaction:<\/strong> Mansour bought some 73.7 mn shares for EGP 10.49 a pop, pushing his stake from 18.3% to 28.4%.<\/p>\n

Good bye MENA Long-Term Value: <\/strong>The EFG Hermes- and Wellcome Trust-managed MENA Long-Term Value fund exited its stake in the education company as part of the acquisition, selling all 7.252% stake for EGP 10.5 a share according to an EGX disclosure (pdf)<\/a>.<\/p>\n

Mansour\u2019s vision: <\/strong>The PHD chairman outlined his goals for Taaleem in the EGX disclosure, emphasizing his desire to see the company establish the largest number of private universities in Egypt, alongside finding high-tech solutions for administration and broadening the company\u2019s social impact.<\/p>\n

This is the second time Mansour increases his stake in the education outfit this month: <\/strong>The businessman upped his stake in the firm from 10.0% to 18.3% in a EGP 505.6 mn transaction last week, according to an EGX disclosure (pdf)<\/a>.<\/p>\n

Remember:<\/strong> PHD and Taaleem earlier this month inaugurated<\/a> Badya University \u2014 a joint venture between the two sides \u2014 in New October City. The university is part of Palm Hills\u2019 larger EGP 100 bn Badya<\/a> development in West Cairo.<\/p>\n

PHD has big education plans, here and abroad:<\/strong> Mansour said earlier this month that PHD plans to set up 10 schools in the country within the next 10 years. It is also looking to develop up to 15 new schools in Saudi Arabia<\/a> in partnership with Dallah Albaraka<\/a> with combined investments of USD 300 mn.<\/p>\n

MAGRABI, RIVOLI TO MERGE-<\/p>\n

Egypt-born eyewear retailer <\/strong>Magrabi Retail Group<\/a><\/strong> is merging with Dubai-based lifestyle <\/strong>retailer <\/strong>Rivoli Group<\/a><\/strong>\u2019s eyewear unit <\/strong>Rivoli vision<\/a><\/strong> in a transaction that will see them consolidate some 290 locations across seven Middle East countries by the end of the year, according to a statement (pdf)<\/a>. Completion of the transaction is still pending commercial and regulatory approvals.<\/p>\n

About the companies:<\/strong> Magrabi \u2014 a regional player with over 200 branches across the region \u2014 operates a manufacturing facility in Dubai, with offices across Egypt, the UAE, and KSA, while Rivoli operates 89 branches across the UAE, Qatar, Oman, and Bahrain.<\/p>\n

Timelines and targets:<\/strong> The merged entity expects to achieve double-digit revenue and EBITDA growth between 2025 and 2027, Magrabi Retail Group CEO Yasser Taher tells Arab News<\/a>. Digital sales are projected to grow 50% annually during this period. The integration process is set to be completed within 15 months, while full synergy realization is expected within two years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mansour has bought a additional 10.1% stake in Taaleem in an EGP 773.2 mn transaction<\/p>\n","protected":false},"author":1,"featured_media":644477,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[73,72,7128,354,408],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-education","tag-enterpriseam","tag-ma-watch","tag-palm-hills-developments","tag-taaleem","wpautop","entry"],"acf":{"mongo_id":"e5a68956-947a-4bfa-b470-5cfbf94a267b","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/821.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Palm 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