Indian Investor Buys Egypt Medical Firm For $18 Mn

An Indian investor has offered to buy the entire equity of Egyptian medical equipment firm Alexandria Medical Services for 100.8 million Egyptian pounds ($18.3 million), the stock exchange said on Monday.

The investor, Bavaguthu Raghuram Shetty, who runs a healthcare business in the United Arab Emirates, is offering 72 Egyptian pounds a share for the company's 1.4 million shares, the statement said. "The offer is under study," it added.

Short Hills Development, a company based in the British Virgin islands, earlier made a 100 percent takeover bid for the medical company at 65 pounds a share.

At 11.58 a.m. on Monday the firm's shares were trading at 70 pounds, up 7.53 percent.