(Bloomberg) -- Care Healthcare Ltd. sold a stake in Cleopatra Hospital Co. S.A.E., a major private Egyptian provider. Cleopatra shares surged in Cairo.
Care Healthcare planned to offer between 18.3% and 31.5% of the company’s shares, EFG Hermes Holding, an adviser for the sale, said Wednesday in a statement to Bloomberg. Care is owned by Creed Healthcare Holdco, a Maltese company that also owns the largest hospitals group in Tunisia.
Before Thursday’s transaction, Care’s stake in Cleopatra was 69.4%. Egypt’s bourse said that 504 million Cleopatra shares were sold, the maximum amount offered, without giving details. Cleopatra is Egypt’s biggest private hospital group by number of beds, according to its website.
Creed intends to retain a controlling stake in Cleopatra after the transaction, EFG Hermes said, without giving further details.
Cleopatra’s stock advanced as much as 8.1% in Cairo on Thursday, paring gains to 5.8% at close, valuing the company at about 8.9 billion pounds ($578 million). Its stock is up 29% this year, almost five times the performance of Egypt’s main gauge.
©2019 Bloomberg L.P.
RECOMMENDED FOR YOU
POPULAR