The Clap:
PIF subsidiary aims to delist CIRA Education from the EGX
What:
Saudi Egyptian Investment Company (SEIC) signed a conditional agreement to help finance a 75%-100% acquisition of CIRA education, at a price of EGP 14 per share. This marks a premium of 9.12% over Tuesday’s session open price.
The offer:
Saudi company Saudi Egyptian Investment Company (SEIC) agreed to subscribe to a capital increase in Social Impact Capital (SIC), the current largest shareholder in CIRA Education. SEIC is a subsidiary of the Saudi sovereign wealth fund, the PIF.
SIC will aim to use the funds to increase its stake in CIRA, with the ultimate goal of de-listing it from the EGX.
According to CIRA’s website data, SIC’s stake in CIRA Education stands at 51.2%
Big news, big moves –
Following the news, the share price of CIRA Education jumped by 9.82% to reach EGP 14.09.
Meanwhile Taaleem, The other education player on the EGX, saw its stock price rise by 14.24%
