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Abraaj expects IPO to triple Egypt profit
- Egypt: Sunday, September 09 - 2012 at 11:14
The Middle East's biggest buyout company, Abraaj Capital Limited expects to earn as much as three times its initial $150m investment in an Egyptian medical diagnostics business as profit increases 20% a year, Bloomberg has reported. Dubai-based Abraaj, which manages $7.5bn, said on August 27 it had combined its Al Borg Laboratories unit with Al Mokhtabar Laboratories to create the largest medical diagnostics business in the Middle East and South Asia. The merger will help cut costs and Abraaj plans to sell its 47% stake in the new company in an initial public offering in 18 to 24 months, said Ahmed Badreldin, a senior partner at Abraaj Capital.
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StaffSunday, September 09 - 2012 at 11:14 UAE local time (GMT+4)
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