The Abraaj Group has announced a tender offer to acquire all the shares of Cairo Medical Center (EGX: MEDC). The firm has already obtained irrevocable sales undertakings from shareholders holding 50.1% of the company; the offer is conditional to 51% of total outstanding shares being tendered. MEDC reportedly has a market value of about EGP206.5 million ($29 million).
Founded in 1976, MEDC operates 177 licensed beds, eight operating rooms (including one dedicated open heart operation room), over 20 outpatient consultation rooms and an emergency room. Abraaj plans to undertake a significant capital expenditure program to upgrade the facilities, install equipment and invest in staff training.