Latest news with #SMC
Tahya Masr
3 hours ago
- Business
- Tahya Masr
EFG Hermes Successfully Completes Advisory on USD 500 Million IPO of Specialized Medical Company on the Saudi Exchange
EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced today that its investment banking division successfully completed its advisory on the USD 500 million initial public offering (IPO) of Specialized Medical Company (SMC), one of the leading healthcare providers in the Kingdom of Saudi Arabia, on the Main Market of the Saudi Exchange (Tadawul). This marks EFG Hermes' third IPO in the healthcare space in the past 12 months, further reinforcing its position as a trusted advisor across the region's most dynamic sectors. The company began trading today under the ticker 4019. Specialized Medical Company offered a total of 30% of its total issued share capital through the sale of 75 million ordinary shares at SAR 25 per share, implying a market capitalization of SAR 6,250 million (USD 1,667 million). The orders recorded during the institutional book-building exceeded SAR 121.3 billion, representing a coverage of 64.7x. Karim Meleka, Co-Head of Investment Banking at EFG Hermes , said, 'We are proud to have advised on the IPO of Specialized Medical Company. Despite heightened geopolitical tensions in the region, the offering attracted overwhelming interest from a diverse base of local, regional, and international investors — a clear vote of confidence not only in SMC's fundamentals but also in the resilience of Saudi Arabia's capital markets and the strength of its macroeconomic outlook.' SMC was founded in 1999 and is one of Riyadh's leading multi-specialty private healthcare providers, with a 25-year track record of delivering high-quality, patient-centric medical care. The Company operates two state-of-the-art hospitals in Riyadh with a combined capacity of 578 inpatient beds and 266 outpatient clinics. SMC is strategically expanding into Northern Riyadh, where rapid urban development is creating strong demand for healthcare services. With three additional hospitals, it is expected to capture over 25% of private hospital capacity in the area, establishing a leading position in an underpenetrated region with limited existing healthcare infrastructure – one that is set to become Riyadh's new urban hub. Once operational, the new facilities are expected to more than double the Company's current capacity to approximately 1,276 beds and 770 outpatient clinics . EFG Hermes acted as a Joint Financial Advisor, Joint Bookrunner, and Joint Underwriter on the transaction . EFG Hermes has advised on six IPOs across the region year to date, including landmark transactions on Tadawul, the Abu Dhabi Securities Exchange, the Muscat Stock Exchange, and the Egyptian Exchange, underscoring its regional leadership in equity capital markets .
See - Sada Elbalad
10 hours ago
- Business
- See - Sada Elbalad
Egypt Secures Strategic Membership at ARSO
Taarek Refaat In a notable diplomatic achievement, Egypt has been elected to both the Board of Directors and the Standards Management Committee (SMC) of the African Organisation for Standardisation (ARSO), reinforcing its position as a regional leader in quality infrastructure and industrial development. Represented by the Egyptian Organization for Standardization and Quality (EOSQ), the country secured the prestigious seats during ARSO's 31st General Assembly, held this week with participation from 34 African nations — the largest attendance in the organization's history. The elections were fiercely contested, with only 12 countries earning seats on the Board and six selected for the influential Standards Management Committee. Egypt now joins an elite group of nations, including Burkina Faso, Cameroon, Rwanda, Uganda, and Zimbabwe, in shaping the continent's standardization roadmap through the SMC. Meanwhile, the Board of Directors now includes Egypt, Kenya, Morocco, Nigeria, Ethiopia, Tanzania, Zambia, and others. "This victory reflects the deep trust our African partners place in Egyptian expertise and our long-standing commitment to advancing quality systems across the continent," said Eng. Khaled Sofy, Head of EOSQ, following the announcement. Sofy credited the achievement to strategic national support, particularly from Vice Prime Minister for Industrial Development and Minister of Industry and Transport, Gen. Kamel El-Wazir, noting that 'Egypt's voice in regional and international quality platforms continues to grow stronger thanks to sustained government backing.' The General Assembly also saw several key milestones: The election of Botsile Kebapetse as ARSO's new President for the 2025–2028 term, succeeding Prof. Alex Dodoo. The admission of The Gambia as ARSO's 44th member state, signaling growing continental cohesion around unified quality standards. Egypt's new roles in ARSO are expected to enhance its influence on policy-making related to industrial standardization and technical regulations. Officials say this will play a pivotal role in accelerating intra-African trade, reducing technical barriers, and supporting the goals of Agenda 2063 — the African Union's blueprint for inclusive and sustainable development. 'Being at the heart of ARSO's leadership allows us not just to contribute but to help steer regional industrial policy in line with global standards,' Sofy emphasized. The outcome cements Egypt's reputation as a powerhouse in the standardization space, with broader implications for trade facilitation, product safety, and cross-border industrial cooperation across Africa. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Time of India
11 hours ago
- Climate
- Time of India
SMC wakes up to nagging creek flooding hazard
Surat: The standing committee of Surat Municipal Corporation (SMC) on Friday instructed officials to explore options to prevent creek flooding, including possibilities to divert water and identify encroachments. After the severe inundation of creeks in 2024, SMC attempted to prepare a flood mitigation plan with the Japan International Cooperation Agency (JICA). Three years ago, an attempt was made to develop a project of a pipeline between creeks to divert water to alternate routes. However, the plans were not executed. Parts of the city near creeks remained submerged in water for almost four days from June 23 due to heavy rain and overflowing creeks. SMC officials also claimed that the flood plains near the Mindhola estuary have been encroached upon by shrimp farms, which blocked the spread of water. "The officials have been asked to explore the possibility of whether the water coming into creeks from the catchment area of Surat district can be diverted," said Rajan Patel, chairman, standing committee. Officials claimed that at a few locations, the waste and soil dumped in the open by a contractor working for the Metro Rail project led to the choking of drainage. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Was Du vor dem Kauf von Probiotika unbedingt wissen solltest Medizinmonitor Weiterlesen Undo The team instructed to carry out the pre-monsoon preparedness process also failed to ensure that the waste and soil were not left in open places. Metro project officials have been called for a discussion on the issue on Monday. Meanwhile, Zameer Shaikh, a lawyer, sent notices to the district collector and the municipal commissioner on Friday, highlighting damage to an embankment of the Tapi river behind the I P Mission School. Shaikh shared a video in which the spot is visible where soil was removed from an embankment. He urged for immediate repair of the embankment.
El Fagr
a day ago
- Business
- El Fagr
EFG Hermes Successfully Completes Advisory on USD 500 Million IPO of Specialized Medical Company on the Saudi Exchange
EFG Hermes، an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA)، announced today that its investment banking division successfully completed its advisory on the USD 500 million initial public offering (IPO) of Specialized Medical Company (SMC)، one of the leading healthcare providers in the Kingdom of Saudi Arabia، on the Main Market of the Saudi Exchange (Tadawul). This marks EFG Hermes' third IPO in the healthcare space in the past 12 months، further reinforcing its position as a trusted advisor across the region's most dynamic sectors. The company began trading today under the ticker 4019. Specialized Medical Company offered a total of 30% of its total issued share capital through the sale of 75 million ordinary shares at SAR 25 per share، implying a market capitalization of SAR 6،250 million (USD 1،667 million). The orders recorded during the institutional book-building exceeded SAR 121.3 billion، representing a coverage of 64.7x. Karim Meleka، Co-Head of Investment Banking at EFG Hermes، said، 'We are proud to have advised on the IPO of Specialized Medical Company. Despite heightened geopolitical tensions in the region، the offering attracted overwhelming interest from a diverse base of local، regional، and international investors — a clear vote of confidence not only in SMC's fundamentals but also in the resilience of Saudi Arabia's capital markets and the strength of its macroeconomic outlook.' SMC was founded in 1999 and is one of Riyadh's leading multi-specialty private healthcare providers، with a 25-year track record of delivering high-quality، patient-centric medical care. The Company operates two state-of-the-art hospitals in Riyadh with a combined capacity of 578 inpatient beds and 266 outpatient clinics. SMC is strategically expanding into Northern Riyadh، where rapid urban development is creating strong demand for healthcare services. With three additional hospitals، it is expected to capture over 25% of private hospital capacity in the area، establishing a leading position in an underpenetrated region with limited existing healthcare infrastructure – one that is set to become Riyadh's new urban hub. Once operational، the new facilities are expected to more than double the Company's current capacity to approximately 1،276 beds and 770 outpatient clinics. EFG Hermes acted as a Joint Financial Advisor، Joint Bookrunner، and Joint Underwriter on the transaction. EFG Hermes has advised on six IPOs across the region year to date، including landmark transactions on Tadawul، the Abu Dhabi Securities Exchange، the Muscat Stock Exchange، and the Egyptian Exchange، underscoring its regional leadership in equity capital markets.
Borneo Post
2 days ago
- Climate
- Borneo Post
Record 50-foot-tall ‘Itut' to be erected for 21st Borneo Cultural Festival
Abang Carrol (second left) is seen with some committee members at the site where the 'Itut' will be erected. – Photo by Peter Boon SIBU (June 26): A towering 'Itut' or giant Melanau traditional swing will be erected at Dataran Tun Tuanku Bujang Phase 1 here on Saturday for the 21st Borneo Cultural Festival (BCF). Kampung Nangka Melanau Welfare Association chairman Councillor Abang Carrol Abang Dris said the Sibu Municipal Council (SMC) has appointed the association to manage the 'Itut', which has been a popular feature at the annual festival. 'The structure is slightly higher than last year's at 46-feet tall. This year it is about 50 feet in height. We will start working on it tomorrow evening. We can't do it in the afternoon due to the hot and dry weather. 'Then, on Saturday, with the help of a crane, we will raise up the two poles of the swing and followed by other components. On Sunday, we will work on the steps and we expect everything to be ready by next Tuesday for the testing as safety is our top priority,' Abang Carrol, who is also Itut organising chairman, told The Borneo Post at the site today. He shared that the longer logs for the swing's poles were from the Permai area, while the logs for the steps were from Kampung Banyok. Abang Carrol pointed out that, as with previous years, those wishing to swing on the 'Itut' must register themselves. 'The reason is that both the Sarawak Ministry of Tourism, Creative Industry and Performing Arts and the Ministry for Public Health, Housing and Local Government are seeking a report on the response,' he said. Abang Carrol added that the response from the public last year was very positive, except for a few days when it rained. 'On rainy days, the swing is off limits to all, as safety comes first,' he said. The 'Itut' will be open from 7pm to 11pm throughout the BCF, which will run from July 3-12 at Dataran Tun Tuanku Bujang Phase 1 and 2. Previous report: 'Itut' a hit among visitors at BCF's opening night (Video)
