Cleopatra Hospital - Company Website
CAIRO – 29 August 2017: Cleopatra Hospital Group board approved on Monday a capital increase of LE 700 million ($39.6 million) through a fully tradable rights issue at a par value of LE 0.50 per share.
Around LE 580 million of the proceeds will be used to support the acquisition of around 150 beds, according to a filing on the Egyptian Exchange (EGX).
The group noted that the due diligence on the transaction is currently in process.
The remainder of the proceeds will be used to retire LE 120 million of the existing debt given the high cost of debt in the current interest rate environment, the report read.
Cleopatra Hospitals posted a 184 percent year-on-year leap in profits to reach LE 23.6 million in the second quarter of 2017 from LE 8.3 million in the year-ago period.
Comments
Leave a Comment