Egypt's Cleopatra Hospital reaches settlement deal on NBH land

Cairo – Cleopatra Hospital Co. has signed an agreement to settle a dispute over a land plot on which Nile Badrawi Hospital (NBH) is established.

The settlement amount stands at EGP 36 million as part of the deal of the sale of NBH’s shares to Cleopatra Hospital, according to a bourse disclosure on Tuesday.

Talks are underway with the sellers of NBH’s shares to reach a final settlement for any outstanding arrangements between the company and the sellers.

On Monday, Cleopatra Hospital Co revealed reaching a final settlement agreement with the General Authority for River Transportation, NBH, and heirs of Hassan Badrawi over the dispute land plot.

The General Authority for River Transportation and NBH agreed to drop all lawsuits related to the dispute land.

It is noteworthy that during the first nine months of 2019, Cleopatra Hospital Co. reported net profits of EGP 169.9 million from EGP 224.9 million in the year-ago period, including minority shareholders’ rights.