Cairo:  The board of directors of CI Capital Holding approved the acquisition of a stake in Sphinx B.V which owns Taaleem Management Services.

CI Capital will pay the US dollar equivalent amount of EGP 305 million, representing 25% of the total value to be paid jointly with other shareholders to acquire a stake of 60% in Taaleem Management Services, according to a statement to the Egyptian Exchange (EGX) on Thursday.

It is noteworthy that the independent financial advisor FinCorp Financial Advisory estimated the fair value (FV) of the equity of Taaleem Management Services at EGP 2.7 billion.

In April, CI Capital announced signing a contract to acquire a 60% indirect stake in Taaleem, with expectations to finalise the deal during the third quarter of 2019.

Taaleem is an Egyptian higher education platform which controls and operates Nahda University in Beni Suef that hosts more than 5,200 students.

During the first half of 2019, CI Capital’s net profit grew to EGP 235.24 million from EGP 169.67 million in H1-18. Source: Mubasher