Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the mandatory tender offer (MTO) submitted by Emirates Advanced Investments Group to acquire up to 14.27 million shares or 100% of Alexandria Medical Services - Alexandria New Medical Center.
The Emirati firm offered to buy a minimum of 51% of the company’s shares for EGP 47.98 apiece, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.
The offer is still under consideration by the FRA.
During the first nine months of 2020, Alexandria Medical Services achieved net profits of EGP 15.74 million, down from EGP 20.81 million in the corresponding period a year earlier.
