Egypt’s Financial Regulatory Authority (FRA) has revealed that a consortium including Tawasol Holdings for Financial Investments, and Maternity and Pediatrics Holding has submitted a mandatory tender offer (MTO) to acquire 100% of the Alexandria Medical Services.
The FRA explained in a statement to the Egyptian Exchange (EGX), on Sunday, that the offer includes the purchase of up to 10,574,975 shares, or 74.08% of Alexandria Medical. Tawasol plans to top up its 25.92% stake in the company to 100%.
Tawasol offered EGP 52 per share, with a minimum execution of 51% of the company’s shares targeted in the offer.
According to the statement, the FRA has decided to resume dealing on the company’s shares at the EGX, with all offers and requests registered on the company’s shares before publishing the announcement to be suspended.
Last week, the FRA said that TAT Medical Services, a subsidiary of Alexandria Medical, had submitted a similar MTO to purchase up to 14.27 million shares (100% of Alexandria Medical Services).
Alexandria Medical Services achieved a net profit of EGP 12.3m in the first quarter (Q1) of 2021, compared to EGP 5.16m during the same period last year.