Tawasol, Lime Vest consortium does not intend to write off the shares of the New Medical Centre

Fatma Salah
2 Min Read

The Tawasol Holdings and Lime Vest Partners alliance acquired 70.17% of the total shares of Alexandria Medical Services — New Medical Centre after purchasing the Abu Dhabi Commercial Bank’s share of about 45% of the company’s total, complementing the alliance’s already owned share of about 26%.

Sherif Al-Akhdar — Co-Founder of Lime Vest Partners — revealed that the alliance does not intend to delist the company from the Egyptian Exchange (EGX) and is focusing on completing its expansion plans and supporting its growth.

Al-Akhdar also told Daily News Egypt that the alliance seeks to develop the hospital and upgrade the services it provides in Alexandria after the completion of the acquisition process and to extend its medical services to the Delta.

About 109.27 million shares of the company’s stockholders responded to the purchase offer at the last OPR session at a value of EGP 535.4m at an adjusted offer price of EGP 49 per share, and the offered shares represented 94.71% of the shares targeted in the offer.

Prime Securities acted as a broker for both parties to the deal, while Prime Capital played the role of the buyer’s financial adviser.

The alliance was seeking to collect about 11.53 million shares — or 74.08% — of the shares of the New Medical Centre with a minimum execution of 51%.

The validity period of the offer lasted 20 working days starting from the 31 August’s trading session until the end of the 27 September trading session.

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