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In July, City Lab appointed the Financial Advice Corporate Transactions (FACT) as an independent financial advisor to provide a second opinion on the value of acquisition target Cairo Clinical Labs, after its board approved the due diligence conducted for the acquisition.
Medical diagnostic services provider City Lab of Egypt will own a 50% stake in each of Egypt-based firm Distinguished Diagnostics and Saudi firm Saudi Egyptian Company for Medical Laboratories, both through capital increases, the company said in a statement. City Lab is paying some SAR 100k (EGP 1.3 million) for its stake in Saudi Egyptian Company for Medical Laboratories and EGP 4.4 million for its stake in Distinguished Diagnostics.
In July, City Lab appointed the Financial Advice Corporate Transactions (FACT) as an independent financial advisor to provide a second opinion on the value of acquisition target Cairo Clinical Labs, after its board approved the due diligence conducted for the acquisition.
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City Lab, a company in Egypt’s medical diagnostics sector, is setting the stage for significant expansion. The company signed a memorandum of understanding (MoU) way back in April with a Gulf consortium of medical companies that includes Premium Diagnostics’ Saudi, Emirati, US, and Egyptian arms. Under this MoU, City Lab is gearing up to sell shares worth EGP 250 million at market value to the consortium. To revamp its corporate structure to include hospital and specialized clinic management. Lay the groundwork for 12 specialty clinics and 5 in-vitro fertilization (IVF) centers over the next five years, along with a future-focused plan for its medical labs.
