Egypt-based Cleopatra Hospital Group’s (CHG) Board of Directors (BoD) ratified on October 22 the establishment of a new joint-stock company to manage and operate its hospitals nationwide, at a total market cap of EGP 30 mn, Invest-Gate reports.

Principally coming to administer El Kateb Hospital in Dokki, Giza Governorate, the new company will be 99% owned by CHG, whereby the latter’s current CEO will represent and run the newest firm, according to a recent bourse filing.

Last August, CHG has inked a joint venture (JV) deal with Nahda University for Education and Management and Taaleem Management Services to revamp and operate Nahda Hospital in Beni Suef, with investments up to EGP 360 mn, it announced in a previous bourse filing.

“Conceptual and schematic designs of the hospital have been finalized, with the facility set to feature five operating theatres and 198 beds. CHG is currently ready to break ground on the facility with the first phase of operations expected to commence by Q4 2020,” read the statement.