[ad_1]
UAE-based Abu Dhabi Commercial Bank (ADCB) has sold its entire 51.54% stake in Alexandria Medical Services (New Medical Center-Alexandria) to a consortium of Tawasol Holdings and LimeVest Partners, which has proposed a mandatory Tender Offer (MTO).
The sale was executed on Thursday through the Egyptian Stock Exchange, the Abu Dhabi-based lender said in a regulatory filing with ADX.
The bank did not disclose the value of the transaction.
Last year, another consortium, TAT for Medical Services, submitted a binding offer to buy up to 100 percent of the bank’s Alexandria Medical Services stake through the MTO for a total value of 650 million Egyptian pounds ($41.5 million).
ADCB has acquired a 51.54% stake in Alexandria for AED64 million as a settlement of bank dues with NMC Health founder BR Shetty.
The UAE-based lender is NMC Health’s largest creditor, with $981 million of exposure to the company. ADCB also has a $182 million exposure to payments group Finablr, which also has Shetty as a major shareholder.
According to a company disclosure to the Egyptian Exchange (EGX) at the time, ADCB began marketing its stake in the company on March 8, 2021.
(Reporting by Brinda Darasha; Editing by Seban Scaria)
[ad_2]
Source link
