Acdima is selling its 10.49% stake in Spimaco, Egypt’s 3C Coding School targets Saudi

10.49% Spimaco stake goes up for sale

Acdima is putting a 10.49% Saudi Pharmaceutical Industries and Medical Appliances Corporation (Spimaco) stake up for sale, offering up to 12.59 mn shares to institutional investors through an accelerated bookbuild, according to a Tadawul filing. At Spimaco’s Thursday close of SAR 30.80, the stake is worth about SAR 388 mn, according to our calculations, although the final sale value will depend on the bookbuild price.

The details: The offer price and final number of shares will be set through the bookbuilding process, with the results due today. The sale will be executed through negotiated agreements on the same day under the CMA’s Framework. Spimaco won’t see any of the proceeds, and there will be no dilution for its other shareholders. If Acdima retains any shares after the sale, those will be subject to a 60-day lockup.

ADVISORS- GIB Capital is the financial adviser and bookrunner for Acdima.

3C codes a path to Saudi

Saudi Arabia is the next growth market for Egyptian edtech 3C Coding School, which raised USD 3 mn in a seed round led by MRG Economic Group, with participation from businessman Amr Saad and a group of angel investors. The company will use the funding to enter the Kingdom and accelerate development of an AI-powered learning platform.

IN CONTEXT- Saudi Arabia has become a familiar expansion destination for Egyptian edtech. Fellow kids-coding platform iSchool raised USD 4.5 mn before pushing further across the GCC, and we’ve looked more broadly at why Egyptian edtech companies increasingly see the Gulf — and Saudi in particular — as their next growth market.