Shareholders in Egypt’s Alexandria Medical Services (ANMC) have agreed on Tuesday to sell more than 70 percent stake to a consortium of Tawasol Holdings and LimeVest, a statement by the Egyptian exchange read.
The subscription period for the consortium’s mandatory tender offer (MTO), in which it offered to buy 74 percent of Alexandria Medical for 49.00 Egyptian pounds ($2.51) a share, ended on September 27 with a total of 10.9 million shares sold amounting to 70.2 percent of the total amount of shares.
The consortium now owns 96.2 percent of Alexandria Medical, with Tawasol already owning 26 percent of the company prior to the acquisition. Abu Dhabi Commercial Bank owned a 51.5 percent stake in the company and had reportedly been interested in making an exit since last year.
The shareholders agreed to sell despite the company’s board saying a week earlier that the offer undervalued the company.
“We intend to focus on the hospital’s operational optimisation and upgrade the level of service. We see huge potential for the hospital to serve not just Alexandria but the entire country. This is our focus right now and we plan to work with management on that,” Sharif El Akhdar, managing partner at LimeVest, told reporters.
Prime Holding advised on the Tawasol-LimeVest offer and Zaki Hashem and Partners acted as the consortium’s counsel.
