Social Impact Capital signs a conditional agreement with Saudi Egyptian Investment Company to invest in CIRA Education Group

Social Impact Capital (SIC), the principal shareholder of CIRA Education (CIRA.CA on the Egyptian Stock Exchange) is announcing a conditional agreement where the Saudi Egyptian Investment Company (SEIC) will subscribe for new shares in SIC.

The agreement involves financing the acquisition of shares that would bring SIC’s total shareholding in CIRA to 75%-100%, at a price of EGP 14 each. The ultimate goal will be to delist CIRA from the Egyptian Exchange (EGX) and subsequently transform it into a major regional player in the education sector.

CIRA is the largest fully integrated education service provider in the Egyptian private sector. The Saudi Egyptian Investment Company (SEIC) is an investment company wholly owned by the Public Investment Fund (PIF).

The conditional agreement between SIC and SEIC is subject to due diligence, applicable regulatory approvals and the execution of definitive agreements. Subsequently, the SIC-SEIC consortium intends to make a mandatory tender offer to CIRA’s other shareholders in the Egyptian Stock Exchange in accordance with applicable laws and regulations.

 The agreement underscores a shared vision to propel CIRA towards regional prominence, advancing educational excellence and human development both locally and abroad. This strategic move aims to unlock new opportunities for growth and innovation, and to position CIRA as a beacon of educational excellence in the MENA region.