Tawasol, LimeVest join race to acquire Egypt’s Alexandria Medical Services

A consortium of Tawasol Holdings and LimeVest has joined the race for Egypt’s Alexandria Medical Services (ANMC), the Egypt’s market regulator announced on Monday. The consortium’s offer values the company at more than 740 million Egyptian pounds ($47.1 million).

According to Egypt’s Financial Regulatory Authority (FRA), Tawasol and LimeVest have submitted a request to go ahead with a mandatory tender offer to acquire 74.08 percent stake in ANMC for 52 pounds per share.

Abu Dhabi Commercial Bank (ADCB) is the main shareholder of ANMC, and is looking to exit its 51.5 percent stake.

Tawasol already has a 26 percent stake in ANMC, and the acquisition would give the consortium 100 percent ownership.

Who are the other bidders?

This is higher than the bid submitted by Tana Africa’s TAT Medical Services, as it offered 49.04 pounds per share earlier this month to acquire ANMC.

The Tawasol-LimeVest bid came a few days after Yas Holding, the parent company of the UAE’s Global One Healthcare Holding, offered 47.98 pounds per share for at least 51 percent of ANMC.

There are other bidders in this race, including Cleopatra Hospital, which is offering 38.53 pounds per share, as well as Nile Scan and healthcare investment firm Seha Capital.

In May, Speed Medical withdrew from the Tawasol-LimeVest consortium, , which had previously offered 38.09 pounds per share last April for 100 percent of ANMC.