Abraaj Group submits mandatory bid for Cairo Medical Center

The leading private equity firm Abraaj Group announced in a statement on Thursday it offered via one of its funds a mandatory tender offer for up to 100% of Egyptian healthcare firm Cairo Medical Center .

The Group added it already has pledges from shareholders owning 50.09% of the company to sell it their stocks.

No offer price for the tender offer was given in the statement from Abraaj, which is based in Dubai and focuses on emerging markets.

The mandatory tender offer is conditional to 51% of the total outstanding shares being tendered.
Abraaj plans to undertake a significant capital expenditure program at Cairo Medical Center with the objective of upgrading the medical facilities, installing state of the art equipment throughout the hospital and investing in staff training to ensure that the hospital delivers comprehensive, affordable and high quality medical services to patients.

Moreover, Abraaj has experience in the hospital sector, having invested in Acibadem, a leading healthcare group in Turkey. During Abraaj?s four year investment in Acibadem, the business grew from six to 14 hospitals, increased bed capacity from 750 to over 1,850, and created approximately 5,000 jobs. Abraaj has also invested in the hospital sector in South Asia, South East Asia and Sub-Saharan Africa.