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The 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 that had made 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 on ADX.
The bank didn't disclose the value of the transaction.
Last year, another consortium, TAT for Medical Services, had submitted the binding offer to acquire the bank’s stake through a MTO for up to 100% of Alexandria Medical Services' shares at a total value of EGP650 million ($41.5 million).
ADCB acquired a 51.54% stake in the Alexandria for 64 million dirhams as a settlement for the bank's dues with B.R. Shetty, the founder of NMC Health.
The UAE-based lender, which is NMC Health’s biggest creditor, had an exposure of $981 million to the company. ADCB also had an exposure of $182 million to payments group Finablr, whose majority shareholder was also Shetty.
ADCB started marketing its stake in the company on 8 March 2021, according to a company's disclosure to the Egyptian Exchange (EGX) then.
(Reporting by Brinda Darasha; editing by Seban Scaria)
