Arab Finance: CIRA Education’s board has given its nod to Social Impact Capital and the Saudi Egyptian Investment and Finance (SEIG) to conduct due diligence on the company, according to a statement on May 13^th.

This came in light of the letter submitted by the Saudi Egyptian Investment and Finance (SEIG) to Social Impact Capital on May 7^th, expressing its intention to submit a mandatory tender offer (MTO) for purchasing a 75% to 100% stake in CIRA Education at EGP 14 per share.

The board has also appointed Baker Tilly as an independent financial advisor certified by the Financial Regulatory Authority (FRA) to decide upon the fair value of the share price.

It is worth noting that SEIG also aims to voluntarily delist CIRA Education from the Egyptian Exchange (EGX) after the potential acquisition.

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