Cleopatra Hospital Co announced that its shareholders had approved a partnership agreement with Taleem Management Services and Al Nahda for Educational and Management Services to develop Al Nahda Hospital with investments worth EGP 360 million.
The company’s managing director has been authorised to sign the contract of the new joint venture (JV) in which Cleopatra will hold a 90% stake, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The new JV has an authorised capital of EGP 10 million and an issued capital of EGP 1 million.
The agreement will see the rebuilding, development, renovation, operation, and management of Al Nahda Hospital, currently Teachers Hospital, in Beni Suef under three sublease contracts with Al Nahda University for a total leasing period of 23 years.
During the first quarter of 2019, Cleopatra Hospital’s net profit slid to EGP 55.139 million, compared to EGP 57.195 million in the year-ago period.