Abraaj Submits Offer for Egyptian Education Company
June 23, 2014
The Abraaj Group has announced submission of a tender offer to acquire a stake in Cairo Investment and Real Estate Development (EGX: CIRA). The purchase price per share is rumored to not exceed EGP20.5 ($2.87). Reportedly, post-deal, CIRA will initiate a capital raise for EGP100 million ($14 million), to which Abraaj will subscribe in full, helping the company implement an expansion plan.
With over 17 owned and operated schools under the 'Future Schools' brand, CIRA is one of the largest K-12 private schools group in Egypt. It also offers free online education in K-12 focused on subjects such as math and science. Currently, CIRA is in the construction phase of tertiary education-focused Badr University.