Cleopatra Hospital Group S.A.E. entered into initial non-binding letter of intent to acquire 51.54% stake in Alexandria New Medical Center from Abu Dhabi Commercial Bank PJSC.

Cleopatra Hospital Group S.A.E. (CASE:CLHO) entered into initial non-binding letter of intent to acquire 51.54% stake in Alexandria New Medical Center (CASE:AMES) from Abu Dhabi Commercial Bank PJSC (ADX:ADCB) in March 2021. Cleopatra Hospital Group S.A.E. (CASE:CLHO) has made a mandatory offer to acquire Alexandria New Medical Center (CASE:AMES) from Abu Dhabi Commercial Bank PJSC (ADX:ADCB) and others for EGP 550 million on May 17, 2021. The transaction is subject to the approval of the Egyptian Financial Regulatory Authority.

As per the terms of the transaction, Cleopatra Hospital Group will buy 14.274 million shares in Alexandria New Medical Center at EGP 38.53 per share. CI Capital is acting as the financial advisor to Abu Dhabi Commercial Bank PJSC.