TAT Medical Services has dropped its bid for the acquisition of 100% of Alex Medical Services, the Financial Regulatory Authority (FRA) said on Wednesday.
The FRA indicated that it had received a letter from TAT Medical Services, stating its desire not to complete the approval procedures for the compulsory purchase offer of the shares of Alexandria Medical Services.
This came in a statement by FRA to the Egyptian Exchange, on Wednesday.
TAT Medical Services – a subsidiary of the Alexandria Medical Investments Company – had deposited a project of a compulsory purchase offer to purchase up to 14.274 million shares, 100% of the Alexandria Medical Services Company, at EGP 49.04 per share.
Alexandria Medical Services achieved a net profit of EGP 12.3m, in the first quarter of 2021, from the beginning of January until the end of March, compared to EGP 5.16m during the same period last year.
The company’s revenues increased during the first three months of this year to EGP 63.76m at the end of March, compared to EGP 53.7m during the same period last year.
