Egypt – Abraaj Group to make 97 m US$ bid to acquire Amoun Pharmaceuticals

July 17, 2014 4:14 pm0 commentsViews: 71

abraajInvestment company Abraaj Group plans to issue a purchase offer to Amoun Pharmaceuticals Company with a value averaging between EGP700m and EGP800m, Mubasher News reported Tuesday.

Abraaj Group announced Sunday that it also intends to acquire up to 100% of the shares of confectionary company Bisco Misr Company through issuing a mandatory tender on the Egyptian Stock Exchange.

Last week, the company submitted two tender offers, one for Cairo Medical Center (CMC) and another for Cairo Investment and Real Estate Development (CIRA), both listed on the Egyptian Stock Exchange (EGX). The company said in a statement that it had submitted a mandatory tender to acquire up to 100% of the shares in Cairo Medical Center, which is listed on the EGX through one of its investment funds.

On Monday, Abraaj Group also announced the acquisition of a majority stake in Tunisian private hospital Polyclinique Taoufik, known as Clinique Taoufik.

Commenting on the acquisition, Partner and Head of Middle East and North Africa at The Abraaj Group, Ahmed Badreldin, said: “Our investment in Clinique Taoufik marks our sixth investment in Tunisia and enables us to execute our wider strategy of acquiring robust and innovative businesses in critical sectors such as healthcare.”

“We are backing a company with strong growth potential as the North African population is expected to reach 190 million by 2020, with life expectancy also on the rise, contributing to increasing demand for quality healthcare services,” Badreldin added.

[Source : dailynewsegypt]

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