ArabFinance: The consortium comprised Tana Africa Capital and El Asafra Hospitals has decided to withdraw from competing for the acquisition of Alexandria New Medical Center (Alex NMC) (AMES), sources familiar with the matter told Al Mal Newspaper.

This decision came after four months from submitting the purchase offer.

The consortium has officially informed the Egyptian Competition Authority of its decision, the sources added, noting that its investment vision has changed in light of the long duration of completing the procedures related to the transaction.

Moreover, the consortium will consider alternative investments in the meantime, including the completion of the group’s third hospital in Alexandria, the sources pointed out.

In June, the consortium had submitted a mandatory purchase offer (MTO) through its subsidiary TAT for Medical Services to acquire a minimum of 51% stake in AMES at a price of EGP49.04/share.

It is worth noting that Abu Dhabi Commercial Bank (ACDB), the main shareholder in Alex NMC, previously received five official purchase offers to acquire its 51% stake in the company.

Alex NMC is an Egypt-based public shareholding company engaged in the provision of medical diagnostic and treatment services in various medical fields.

The company focuses on the operation of a hospital, which consists of a range of medical specializations, including gynaecology, general surgery, and paediatrics, among others.