Medical Egyptian group, Cleopatra Hospital in which Abraaj has a 72.5% stake, started the day, May 5, 2016, with an IPO for 25% of its capital. This value represents 40 million shares, of which 36 million are to go to investors in Egypt and 4 million shares to institutional foreign investors, sources at Egyptian stocks revealed.

In the meantime, in another transaction, shareholder who will sell its stake will be offered 40 million shares issued newly under a plan to increase capital. Proceeds of both transactions will be used to finance the group’s expansion in Egypt.

Other shareholders of Cleopatra Hospital Group include European Bank for Reconstruction and Development, EBRD, who holds 12.5% of the group’s capital, German financial institution for development DEG and Proparco from France who detains, each, 7.5% of this capital.

It should be recalled that Cleopatra Hosital, one of the group’s hospital, is listed on the Egypt stock exchange.