RCare Fund, a newly established fund that focuses on investing in the healthcare sector in Egypt, is studying new investment opportunities in the country, according to Ahmed Badreldin, the Managing Partner of RMBV, the platform that manages RCare Fund. Badreldin is also the chairperson of Cleopatra Hospitals Group, one of the largest private hospital groups in Egypt.
Badreldin told Daily News Egypt that RCare Fund is owned by several investors, including the Saudi Fund, and that it has a different business model from other funds. He said that RCare Fund recently acquired Care Healthcare Company, which owns about 29% of the shares of Cleopatra Hospitals.
In February 2022, Cleopatra Hospital announced a change in ownership of Care Healthcare Ltd, as RCare Fund bought 100% of its shares from Creed Healthcare Ltd. Cleopatra Hospital said in a statement that the buyer of Care Healthcare Ltd is indirectly owned by Badreldin, who is a member of the board of directors of Cleopatra Hospital and the chairperson of its board of directors. The statement also said that the buyer is managed by RMBV, which is a company registered in the Netherlands and supervised by the Dutch Authority for the Financial Markets (AFM).
According to the statement, the acquisition of Care Healthcare Ltd by RCare Fund is an indirect acquisition of 29% of Cleopatra Hospital’s shares, and the buyer is not related to any of the other shareholders of Cleopatra Hospitals.
