DUBAI- UAE hospital operator NMC Health has agreed the sale of its 53% stake in Saudi Medical Care Group (SMGC), offloading the last of its international businesses as part of a creditor-approved restructuring to help the group out of administration.

NMC did not identify the buyer nor the price agreed, but a source close to the matter said that SMGC joint venture partner Hassana Investment Co will buy the 53% it does not already own subject to approval from Saudi authorities.

Hassana, the investment arm of Saudi Arabia's General Organization for Social Insurance (GOSI), could not be reached for comment.

NMC, the largest private healthcare provider in the UAE, is expected to come out of administration this year after its creditors approved the restructuring process last year.

The group ran into trouble in 2020 after disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.

For its 53% stake in SMCG, the UAE group contributed five of its private hospitals plus an undisclosed cash sum.

SMCG's portfolio now comprises seven hospitals and three clinics in Saudi Arabia, NMC said.

A statement from NMC Chief Executive Michael Davis said the sale of the group's last substantial "non-core international asset" represents an important milestone ahead of NMC's exit from the administration process.

The transaction is expected to complete during the second half of 2022, subject to all necessary regulatory approvals and customary closing conditions for the transaction, NMC said.

(Reporting by Saeed Azhar Editing by Kirsten Donovan and David Goodman)