Social Impact Capital acquires 37.5% additional stake in CIRA Education
Updated 1/20/2025 8:32:00 AM
Arab Finance: Social Impact Capital Ltd. (SIC) announces its acquisition of an additional 37.5% stake in Cairo for Investment and Real Estate Development (CIRA Education) through a mandatory takeover offer, as per an emailed press release to Arab Finance on January 19th.
This transaction increases SIC’s ownership in CIRA, which already holds a 51.2% majority stake.
CIRA Education, listed on the Egyptian Exchange (EGX), is a private sector integrated education provider in Egypt.
The acquisition follows an agreement with Afaq Al Elm Investments Company, a subsidiary of the Saudi Egyptian Investment Company (SEIC).
Under the agreement, Afaq Al Elm subscribed to new SIC shares through a capital increase, using the proceeds to finance the transaction.
SEIC, a subsidiary of the Public Investment Fund (PIF) of Saudi Arabia, was established in 2022 to invest in key Egyptian sectors.
The partnership allows CIRA to broaden its reach, improve access to education, and work with local and international institutions to address educational needs and support growth.
“This transaction is part of SEIC’s strategy to contribute to the promising sectors which are important for economic development. The strategic partnerships that SEIC is establishing with leading Egyptian companies are fundamental elements of success,” Acting CEO of SEIC, Muteb Al Shathri, stated.
"With the partnership of SIC and SEIC, we are poised to take our vision to the next level — supporting its aspiration to become a regional leader. This partnership reflects our shared goal to contribute to the future of education and empower the next generation. Together, we will continue to innovate, expand and deliver world-class education to students across the region,” CEO of CIRA Education, Mohammed El Kalla, commented.
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