Riyadh – Sharikat Mubasher: Social Impact Capital Ltd. (SIC), the majority shareholder with a 51.2% stake in Cairo for Investment and Real Estate Development (CIRA Education), announced its intention to acquire an additional 37.5% stake in the company.
This acquisition will be finalized upon the settlement of a successful mandatory takeover offer (MTO), according to a recent press release. CIRA Education is the largest fully integrated private sector education service provider in Egypt and is listed on the Egyptian Stock Exchange under the symbol CIRA.CA.
This transformative transaction stems from a binding agreement between Afaq Al Elm Investments Company (Afaq Al Elm), a subsidiary of the Saudi Egyptian Investment Company (SEIC), SIC, and its founding shareholders. Under the agreement, Afaq Al Elm will subscribe to new shares in SIC through a capital increase, with the proceeds directed towards financing the MTO.
SEIC, a wholly owned subsidiary of the Public Investment Fund (PIF) of Saudi Arabia, was established in 2022 to invest in high-potential sectors across Egypt. This collaboration emphasizes SEIC’s confidence in SIC’s strategic vision and highlights CIRA’s capacity to drive transformative change within the regional education sector.
Muteb Al Shathri, acting CEO of SEIC, expressed his enthusiasm for the partnership, stating: “We are delighted to mark this milestone cooperation with SIC and together contribute to the growth of CIRA. This transaction is part of SEIC’s strategy to contribute to the promising sectors that are important for economic development. The strategic partnerships that SEIC is establishing with leading Egyptian companies are fundamental elements of success.”
Mohammed El Kalla, CEO of CIRA Education, shared his excitement for this new chapter, saying: “This transaction represents a bold leap toward realizing our ambition of reshaping education across the region, marking a pivotal milestone in CIRA’s journey. With the partnership of SIC and SEIC, we are poised to take our vision to the next level — supporting its aspiration to become a regional leader. This partnership reflects our shared goal to contribute to the future of education and empower the next generation. Together, we will continue to innovate, expand, and deliver world-class education to students across the region.”
The additional investment strengthens CIRA’s ability to provide world-class education while driving transformative initiatives that benefit students and educators alike at all stages of the educational journey, including higher education. Through this collaboration, CIRA plans to establish pioneering partnerships with local and global institutions, catering to the evolving educational demands of the region and unlocking new avenues for growth and innovation.