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Abraaj to Acquire Stake in Al Borg

Shareholders in Egyptian medical services company Al Borg Laboratory have offered to sell shares amounting to 75 per cent of the total to Abraaj Capital of the UAE, reports said.

Three weeks ago, Abraaj offered 225 Egyptian pounds ($41.82) a share for up to 100 per cent of Al Borg's 4.5 million shares, with a minimum of 51pc.

Abraaj official said the deal, for 3.437m shares worth 773.325m pounds, was expected to go through next week.

Al Borg shares last traded on Wednesday on the Egyptian stock exchange at 204.07 pounds. Al Borg has 58 branches in Egypt, 11 branches in Saudi Arabia and two in the UAE.

Along with several Gulf investment companies, Abraaj has made several large investments in Egypt in recent years. But in two of its biggest deals, it quickly sold its Egyptian assets off to other companies.

Al Borg chief executive and chairman Ahmed El Saifi set up the shareholding company in 1991.

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