Cairo – Mubasher: Cleopatra Hospitals Group signed a business transfer agreement (BTA) to transfer the assets and operations of Bedaya for Medical Services, an in vitro fertilisation (IVT) and fertility centre, to a new joint venture (JV).
The new JV will be 60% owned by Cleopatra Hospitals Group, while the remaining 40% will be held by Ismail Aboul Fotouh, the owner of Bedaya for Medical Services, according to a bourse disclosure on Wednesday.
“The payment consideration for the centre’s medical equipment, working capital, and associated real estate assets will be of EGP 105 million, with the remaining consideration to be paid based on a structured payment plan linked to 2021 and 2022 earning.”
The new JV is forecast to contribute to 10% of the group’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the future.
Aboul Fotouh will serve as the chairman and managing director of the new JV.
During the first six months of 2020, Cleopatra Hospitals Group’s net profits edged up to EGP 101.9 million from EGP 97.7 million in the year-ago period, including minority shareholders’ rights.
