Alexandria Medical Services — also known as New Medical Centre — revealed a summary of Andersen Financial Consulting’s report regarding the fair value of the company’s share, which amounts to EGP 52.8 per share.
This came within the framework of the compulsory purchase offer submitted by the alliance of Lime Vest Partners Healthcare and Tawasul Holdings Inc.
Previously, the company said that the offer price submitted by the alliance did not reflect the true value of the company based on its financial position, components, material and moral assets, potential, and future plans.
Moreover, New Medical Centre considered that the offer price is less than the average closing price per share during the six months preceding the date of depositing the offer with the Financial Regulatory Authority (FRA).
Sources closely related to Abu Dhabi Commercial Bank (ADCB) — the main shareholder in the company and the owner of the largest share of 51% — told Daily News Egypt that the bank believes that the price is less than the real value of the company but is open to negotiations regarding adjusting the purchase price, especially as it intends to sell its share in the company, but at an appropriate value.
Consequently, the alliance raised its bid price of 100% of the shares of the New Medical Centre, to EGP 49 per share, instead of EGP 47.67.
The purchase offer includes the acquisition of about 11.53m shares — or 74.08% of the shares of New Medical Centre — with a minimum execution of 51%.
The validity period of the offer is up to 20 working days starting from the 31 August trading session until the end of the 27 September trading session.