Healing enters medical care in Egypt with LE200m in investment

By Hamed Mahmoud                                         

Memaar Group for real estate developmentlaunched its new subsidiary Healing Medical Care, a new giant entering the medical care services in Egypt, within the group’s endeavor to invest in the medical field in Egypt.

Board Chairman Mohamed Sobhi said that the new company is an Egyptian joint stock company with total investments of about LE200 million, adding that the Healing Medical Care Company’s role is to study appropriate investment opportunities in different regions throughout the state, and to prepare feasibility studies on medical investment in those areas, as well as then providing medical hospitals that meet the actual need of the population in those areas.

“It – the company – also tasked with constructing such hospitals and equip them with the necessary equipment to be ready for operation and choosing the best offers from companies specialized in hospital management to later manage the chain of hospitals,” Sobhi added.

Subhi pointed out that all designs of Sadat International Hospital are underway to be approved by the Ministry of Health, while the value of the company’s share is currently determined before it is offered to investors on April 1, 2021. 30% of the company’s shares, equivalent to 200,000 shares, will be submitted for those wishing to invest in such a field.

“As soon as the public subscription in the offered shares is closed, such shares will be registered, and the second and last offering of the company’s shares will be arranged, amounting to another 30%, while the company will retain a 40% quota, as it does not want to takeover of management but leave it for election by the shareholders,” Sobhi, the Board Chairman, said.

He pointed out that the company owns theplots of all its projects, on top of which is the Sadat International Hospital project that is located in the first region on an area of ​​3,100Sq² and will be ready for operation by March 2022.

He pointed out that the second project owned by Heeling Company covers an area of ​​8,500 square meters in New Cairo, adding that the company owns other 5,000Sq²and 3,000Sq², dedicated for medical field in Sohag and Fayoum governorates respectively.