SEIC, SIC sign conditional agreement to invest in CIRA Education

Logo of Saudi Egyptian Investment Co. (SEIC) 

Social Impact Capital (SIC), the primary shareholder in Cairo for Investment and Real Estate Development (CIRA Education) signed a conditional agreement with Saudi Egyptian Investment Co.(SEIC).

Under the agreement, SEIC will subscribe for new shares to be issued by Social Impact Capita to facilitate the latter’s acquisition of additional shares in CIRA, which is listed on the Egyptian Exchange. Accordingly, SIC’s total shareholding in CIRA Education will increase to between 75% and 100% at a price of EGP 14 per share.

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The move aims to delist CIRA Education from the Egyptian Exchange and transform it into a leading regional player in the education sector, SIC said in a statement.

The conditional agreement is subject to due diligence, regulatory approvals, and the execution of final agreements.

SEIC and SIC plan to subsequently make a mandatory tender offer for the shares of CIRA Education's shareholders on the Egyptian Exchange, following applicable laws and regulations.

In 2022, the Public Investment Fund (PIF) launched SEIC to invest in promising sectors throughout Egypt, one of the strategic economic markets in Africa, data available on Argaam showed.