Egyptians Medicare started procedures to increase its capital by about EGP 375 million through the public offering.
Hassan El-Qalla, the company’s Chairman, stated that the company’s capital is EGP 401 million & that it plans to raise it to EGP 776 million by offering 125 million shares via public subscription.
Fair value & minimum subscription
The raise comes in order to raise the funds needed to complete the development of the integrated medical city “Capital Med” in Badr City.
According to Al-Qalla, a fair value study priced shares at EGP 3 per share. indicating that the subscription is open until the end of March for individuals, businessmen & financial institutions.
A minimum subscription of 10,000 shares is required, & requests for additional shares are granted in multiples of 10,000.
More on Capital Med
The project consists of both health & commercial services, including hospitals, a center for senior care, hotel, & mall.
The entire cost of the project is EGP 21 billion, with loans accounting for 70% of the cost, while self-financing & other contributions accounting for the remaining 30%.
Egyptians Medicare was formed through an alliance that included two Egyptian healthcare companies, each with a 10% stake, & Cairo for Investment and Real Estate Development (CIRA), which has a 14% stake, with the remaining shares dispersed to foreign and local investors.