{"id":654598,"date":"2024-11-05T00:00:00","date_gmt":"2024-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/05\/sic-submits-mandatory-tender-offer-to-own-up-to-100-of-cira-education\/"},"modified":"2024-11-05T00:00:00","modified_gmt":"2024-11-05T00:00:00","slug":"sic-submits-mandatory-tender-offer-to-own-up-to-100-of-cira-education","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/05\/sic-submits-mandatory-tender-offer-to-own-up-to-100-of-cira-education\/","title":{"rendered":"SIC submits mandatory tender offer to own up to 100% of CIRA Education"},"content":{"rendered":"

Social Impact Capital submits offer to own up to 100% of CIRA:<\/strong> CIRA Education majority shareholder Social Impact Capital (SIC) has submitted a mandatory tender offer to acquire up to an additional 48.78% of CIRA, according to a statement (pdf)<\/a> from the Financial Regulatory Authority. SIC currently holds a 51.2% stake in the country\u2019s leading private education company. The offer is currently being reviewed by the FRA.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The details: <\/strong>SIC has offered to purchase some 284.3 mn of CIRA\u2019s shares at EGP 15 a piece \u2014 EGP 1 higher than previously expected \u2014 putting the transaction\u2019s value at EGP 4.26 bn by our math. CIRA Education will also be required to submit a mandatory tender offer for shares in its EGX-listed subsidiary Cairo for Educational Services (CAED) if the acquisition changes CAED\u2019s ownership structure <\/p>\n

What\u2019s next for CIRA? <\/strong>If the mandatory tender offer is successful, SIC plans to delist CIRA Education from the EGX, with the founding El Kalla family expected to remain invested in the company and our friend Mohamed El Kalla expected to stay on as CEO to lead the company\u2019s regional growth. <\/p>\n

The news follows an FRA extension of the MTO deadline: <\/strong>The FRA in August<\/a> granted SIC a 60-working-day extension on its mandatory tender offer effective 11 August \u2014 meaning that SIC managed to get the offer in right before the deadline.<\/p>\n

All part of the PIF\u2019s plan to take over CIRA: <\/strong>The Saudi Egyptian Investment Company \u2014 a wholly-owned subsidiary of the Public Investment Fund \u2014 said in May<\/a> that it would buy into SIC. SIC used the cash injection to launch its mandatory tender offer for the rest of CIRA\u2019s shares.<\/p>\n

We\u2019ve seen this movie before: <\/strong>PIF has a proven track record of turning national players into regional champions, with the global growth of born-in-Egypt driller Ades Holding being a case in point. Since acquiring Ades and taking it private<\/a>, PIF has helped Ades land contracts in Saudi Arabia and new markets, refine its strategy, and go public again on KSA\u2019s Tadawul<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

SIC has offered to purchase some 284.3 mn of CIRA\u2019s shares at EGP 15 a 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