Friday, April 16, 2021

The General Assembly of the “Medical Center” refuses to increase the capital


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The extraordinary general assembly of Alexandria Medical Services “Alexandria New Medical Center” refused to double the company’s authorized capital from 200 million pounds to 450 million pounds.

It also refused to increase the issued capital from 114.19 million pounds to 200 million pounds in cash from the old shareholders, with an increase of 85.8 million pounds through the lawsuit of old shareholders to subscribe to the increase shares, each according to his contribution, provided that the subscription price for the increase shares is the nominal value of the share 8 Pounds plus 15 piasters for issuance fees per share.

The assembly refused, that the increase shares have the same rights as the original shares in dividends for the past year, and are restricted to the same issue, as well as discussing the right to subscribe separately from the original share when approving a cash increase for the issued capital with the realization of priority rights.

The association rejected the purpose of increasing the source company’s capital to cover part of the costs of the hospital’s development plans, which need to implement a number of projects, in light of the study submitted by Tawasul Holdings for Financial Investments.

Earlier, the Alexandria Medical Services Company, “Alexandria New Medical Center,” revealed the desire of “Tawasul Holdings Consulting” to acquire the full shares of the company, representing 74.08%, at a price of 38.09 pounds per share.

The company stated that Tawasol owns 25.92% of the Alexandria Medical Services Company.

“Prime Capital” is playing the role of financial advisor to “Tawasul”, which is currently choosing between 3 legal offices to choose the legal advisor for the deal.

Continues Holdings is one of the sister companies of the “Treatment Medical” group operating in the Kingdom of Saudi Arabia. It is the second largest shareholder in the “Medical Center” after “Abu Dhabi Commercial Bank”, which is the largest shareholder after settling the debt of “BR Shetty” against the stake. Abu Dhabi Commercial Bank announced His intention to sell his entire 51% shareholding in the company.

Sources related to Tawasul Holding said that the company has also submitted another acquisition offer for the International Eye Hospital as part of its plan to increase its investments in the health care sector in Egypt, especially as part of its vision of the strength of the comprehensive health insurance system.

Sherif Bulbul, managing director of Prime Capital, which provides advisory services to Tawasul, said that the company aims to expand investments in the health care sector in Egypt and increase its investments, explaining that it has a license to operate and manage hospitals in the Gulf countries.

He added to the “Stock Exchange” that “Tawasul” is seeking to build 5 new hospitals in Egypt with investments approaching 2 billion pounds. He expects to start operating a number of these hospitals by the end of this year, and to complete the rest during the next year, in addition to the 3 hospitals that it already owns, namely, “Ibn Sina, “Hope and Life,” and “Alexandria International”, in addition to its strong presence in the Gulf.

He revealed that the company is seeking to raise its capacity from the beds to 1,300 beds within two years.

Earlier, the Board of Directors of the Alexandria Medical Services Company “The New Medical Center Alexandria” decided to invite the ordinary general assembly to convene on February 4, based on the desire of “Holdings Investments”, which owns 25.92% of the company’s shares.

The company clarified that the assembly will discuss the approval of increasing the authorized capital to 450 million pounds and increasing the issued capital of the company from 114.19 million pounds to 200 million pounds in cash from the old shareholders, an increase of 85.8 million pounds within the limits of the authorized capital by inviting the old shareholders, and that The subscription price shall be at the nominal value of the share plus issuance expenses in accordance with what is agreed upon with the Financial Control.

The association will also discuss electing members of the board of directors for the new shareholders according to their current ownership percentage, and a proposal to appoint a female board member.

It will consider the general objectives of the proposed management plan from Tawasul Holdings for Financial Investments.

The Board of Directors also approved the disclosure report and the invitation of the extraordinary general assembly upon the request of Holdings’ communication, with postponing setting the date and place of the meeting and authorizing the Chairman of the Board of Directors to do so, as well as working on introducing any required amendments in the disclosure report.

The company added that Abu Dhabi Commercial Bank, which owns 51.54%, demanded that the extraordinary meeting be postponed until the bank reviews and fully studies the proposal to increase the capital and the reasons and justifications for the increase presented.

She indicated that the extraordinary general assembly will discuss amending the third article of the company’s articles of association to include all the activities currently listed, and amending the sixth article of the articles of association to raise the authorized capital from 200 million pounds to 450 million pounds to accommodate the direct and indirect investment scheme that will be proposed. Implemented.

The amendment of Article 7 of the Articles of Association will also be discussed to include the current situation of shareholders and its structure in accordance with the provisions of the laws and their implementing regulations regarding ownership ratios, as well as amending Articles 20, 22, 25 and 30 of the articles of association.

She noted that the schedule of the extraordinary assembly will also include a discussion of the position of the increase shares in the profits of last year, and the approval of the disclosure form prepared in accordance with the provisions of Article 48 of the registration and delisting rules.

The article “The Medical Center” general refusal to increase the capital was written in the Al-Borsa newspaper.


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