(MENAFN) The Saudi Egyptian Investment Company, a wholly-owned entity of the Saudi sovereign fund, has announced its intention to acquire a controlling stake of at least 75 percent, and potentially up to 100 percent, in the Egyptian Cairo Investment and Real Estate Development Company, known as Sera Education. This acquisition, valued at 14 pounds per share, will be facilitated through Social Impact Capital Limited, a principal shareholder in Sera Education.
In accordance with a disclosure made by Sera Education to the Egyptian Stock Exchange on Tuesday, the Saudi company plans to initiate a compulsory purchase offer for the shares of Sera Education, utilizing Social Impact Capital Limited, which currently holds a 51.21 percent stake in the company, with the objective of eventual merger.
Upon the successful completion of the acquisition process, Sera Education's shares will be delisted from the Egyptian Stock Exchange, signaling the integration of the two entities. Financing for the deal will be facilitated by the Saudi Egyptian Company through the subscription to new shares, resulting in a capital increase in Social Impact Capital Limited.
However, it's important to note that this agreement is classified as "non-binding" and is contingent upon several factors, including due diligence, regulatory approvals, and the finalization of a mutually agreeable price. As such, the completion of the deal remains subject to these conditions being met.
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