MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
world9 hours ago
In accordance with the rules and regulations of the EGX and the Egyptian Financial Supervisory Authority (EFSA) governing voluntary de-listings, the company offered to buy all minority shareholders representing approximately 15 per cent of shares outstanding at the highest traded price of EGP149.44 per share in the 30 days preceding the meeting of the company’s board of directors which called for the extraordinary general meeting of the shareholders of the company to convene and approve the delisting; minorities representing approximately 5.5 per cent of shares outstanding responded to and participated in the offer at a total cost to Al Borg of approximately EGP33.5 million and financed by company excess cash balances.
Post cancelation of the acquired shares, Abraaj’s shareholding in the Company, through its Infrastructure and Growth Capital Fund (IGCF), would reach roughly 90 per cent up from 76.9 per cent at the time of initial acquisition in May 2008 and subsequent share buy-backs conducted in 2009 which lifted Abraaj’s stake to 84.9 per cent.
While under no legal obligation to do so, the company will from time to time reach out to the remaining minority shareholders seeking to exit and provide them with a liquidity event in privately negotiated transactions.
“The voluntary delisting constitutes another step in our strategy of increasing the ownership stake through Abraaj’s Fund from roughly 77 per cent in 2008 to around 90 per cent currently, while returning cash to public shareholders that tendered their shares in the share buybacks and delisting over the last two years,” Ahmed Badreldin, Executive Director at Abraaj Capital, the majority shareholder of Al Borg Laboratories through IGCF, said.
Al Borg was established in 1991 and is currently one of the largest private medical laboratory chains in the Middle East with over 1,100 employees.
Dubai-based Abraaj Capital, through its Infrastructure and Growth Capital Fund, currently owns 85 per cet of the shares of Al Borg through its $150 million acquisition in May 2008.
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