Saturday 22 Feb
Cairo for Investment and Real Estate Development - CIRA for Education - has announced its intention to acquire up to 90% of the capital of Cairo for Educational Services Company. This will be a mandatory purchase offer.
The company announced in a disclosure yesterday, Sunday, that the initial offer price is 30 pounds per share, while maintaining the company's listing on the Egyptian Stock Exchange. This decision follows the successful purchase offer by Social Impact Company on CIRA for Education shares, which triggered a mandatory purchase offer for Cairo for Educational Services shares.
Social Impact Capital Limited increased its ownership in
Cairo for Investment and Real Estate Development - CIRA for Education - from
51.22% to 88.68%. This was accomplished through the purchase of approximately
218.35 million shares for a total of 3.384 billion pounds, at an average price
of 15.5 pounds per share.
Cairo for Investment and Real Estate Development - CIRA for Education - saw significant financial growth between September 2023 and May 2024. Profits reached 424.5 million pounds, up from 372.9 million pounds in the same period of the previous fiscal year. The company's revenues also increased substantially, reaching 2.9 billion pounds compared to 2 billion pounds in the comparable period of the last fiscal year. However, unconsolidated profits for the first nine months of the current fiscal year were 176.44 million pounds, down from 266.7 million pounds in the same period last year.
