Cleopatra Hospital revealed today its intention to attract new capital investments by offering 40m shares on the Egyptian Exchange (EGX).


    The 40m shares are 25% of the company’s total capital listed on the EGX.


    The company is owned by Care Healthcare Limited, which is owned by a group of investors and international financial institutions.


    According to the company’s press release, the offering will include an international offering of 34m shares to institutional investors, as well as an Egyptian retail offering of 6m shares to retail investors in Egypt.


    The international offer shares and the Egyptian retail offer shares will be offered and sold by the selling shareholder at the same offer price. The company will issue shares to increase capital to carry out the combined offer and initiate trading on the EGX.


    The number of shares will equal the number sold in the combined offer unless any shares repurchased by the selling shareholder are pursuant to stabilisation.


    The company said the IPO of the mentioned shares increase would be limited to the selling shareholder through the offering. The IPO of the increase will be in the final offering price, which will be announced according to the IPO prospects approved by the EGX.


    The company has obtained the necessary regulatory approvals for registering on the EGX in April 2016. The company is currently undergoing the necessary legal procedures for approving the prospects from the EGX and the Egyptian Financial Supervisory Authority (EFSA).


    Chief Executive Officer Ahmed Ezzeldin said the company, which traces its roots back to 1976, consists of four hospitals: Cleopatra Hospital, Cairo Specialised Hospital, Nile Badrawi Hospital, and Al-Shorouk Hospital. The company is also planning to establish clinics in the new urban communities.


    Ezzeldin added that the company intends to use the proceeds of the capital increase subsequent to the combined offering to support growth plans and finance the capital expenditures of the planned expansions at Al-Shorouk and Cleopatra hospitals, as well as purchase a plot of land in New Cairo to establish a new hospital.


    The operational unaudited results of the group in 2015 showed that the company’s profits amounted to EGP 741m. The gross profit registered EGP 234m, while the operational profit, before taxes, interest, depreciation, and amortization, recorded EGP 183m. The total net profit reached EGP 52m.


    EFG-Hermes is the Sole Global Coordinator and Bookrunner for the offering. Freshfields Bruckhaus Deringer LLP is the international counsel to the Issuer, while Zulficar & Partners act as local counsel. Shearman & Sterling (London) LLP is the international counsel to the sole global coordinator and bookrunner, while Matouk Bassiouny acts as local counsel.



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