Cairo – Mubasher: Private equity firm Abraaj Group has sold its 35% stake in Cairo for Investment & Real Estate Development Co for Social Impact company owned by businessman Hassan El-Qula's family in a bid at over $20 million.
The Emirati company’s current divestment is due to a conflict between both companies on the percentages and valuation of converting a loan into equity, sources told Alborsa News.
Sources added that El-Qula's family seeks to become independent in the education sector to pave the way for its listing on the Egyptian Exchange (EGX) during the fourth quarter of 2018.
Social Impact has appointed EFG Hermes and Al-Tamimi & Co. Law Firm as advisors for this transaction, while Abraaj Group has hired the English law firm Allen & Overy as its legal advisor.
Abraaj would postpone the IPO or sale of its hospitals in North Africa to next October, sources told Bloomberg News last April.
The Emirati group owns a number of hospitals and clinics in Egypt, Tunisia, and Morocco at a total value of $500 million.
