Undeterred by the loss of its potential acquisition of Alameda Healthcare, Cleopatra Hospitals Group (CHG) has officially submitted a mandatory tender offer to acquire up to 100 percent of Alexandria Medical Services.

CHG is not the only one looking into acquiring the company, with Alexandria for Medical Investment Company (the majority shareholder of Mabaret Al Asafra Hospitals Group), healthcare investment firm Seha Capital, the UAE’s Global One Healthcare Holding and more also interested.

Cleopatra’s bid to purchase all 14.3 million shares at LE 38.53 apiece, valuing the company at LE 550 million, is lower than the others’ offers which was estimated to be around LE 700-750 million.

“Alex Medical is a strategic acquisition, as part of the group’s expansion plan and strategy to develop and provide high-quality medical services to Egyptians across the country,” said Cleopatra CEO Ahmed Ezzeldin.

He also highlighted the acquisition as in line with the company’s strategy to provide high-quality medical services to all Egyptians and in various regions and cities outside Cairo, where demand is increasing for medical services.

Back in April, Cleopatra submitted a non-binding letter of intent to acquire Abu Dhabi Commercial Bank’s (ADCB) 51.5 percent stake in Alexandria Medical Services.

CHG explained that the purchase will be funded by the Cleopatra Hospital Company, with cash financing from Ahli United Bank - Egypt.

Although Cleopatra saw opposition from the Egyptian Competition Authority (ECA) for its potential acquisition of Alameda Healthcare, it is not expected to see the same push back for this deal as it will simply allow the company to expand in a separate city rather than consolidate its power in Cairo.