< Arab Finance - News - Competition authority awaits Cleopatra, Rameda acquisition proposals
Count Down to relaunch

Competition authority awaits Cleopatra, Rameda acquisition proposals

Competition authority awaits Cleopatra, Rameda acquisition proposals

ArabFinance: The Egyptian Competition Authority (ECA) is expecting to receive the proposals of Cleopatra Hospital Company (CHG) (CLHO) and Tenth of Ramadan for Pharmaceuticals Industries and Diagnostic Reagents (Rameda) (RMDA) for the acquisition of Glaxo SmithKline (GSK - Egypt) (BIOC) in February, Chairman of ECA Mahmoud Momtaz said in a press conference on Wednesday, February 3rd.

Momtaz added that the authority is currently studying around 20 complaints in the real estate sector with the Cairo governorate.

He further noted that Egypt’s ranking has witnessed great progress in the competition index.  

On Tuesday, February 2nd, Remda submitted a non-binding letter of interest to acquire 91.2% of the share capital of GSK, the listed Egyptian subsidiary of GlaxoSmithKline plc group of companies (GSK Group).

In December 2020, CHG announced acquiring 100% of Alameda Healthcare Group assets in Egypt, and the acquisition deal is set for completion during the first half of 2021.

The transaction value will also be finance through an equity consideration of up to 884 million new shares to Alameda shareholders, implying up to 35% equity dilution, with current shares outstanding 1.6 billion.

Rameda is an Egypt-based pharmaceutical company that manufactures both human and veterinary pharmaceuticals. It operates three fully independent factories at its plant, including 20 production lines capable of producing a wide range of general medicinal forms, namely eye drops, solid dosage forms, syrups, blow-fill-seal, and lyophilized vials, among others.

CHG was established in 2014 after the acquisition of its East Cairo Hospitals, Cleopatra Hospital, and Cairo Specialized Hospital. The group expanded its geographical network in West Cairo to acquire two additional facilities, namely Nile Badrawi Hospital in 2015 and Al Shorouk Hospital in 2016.

#Related keywords


Recommended Stocks

13 Jun 2022
Delta Sugar SUGR

All rights reserved to Arab Finance 2020 ©

Back to top