Abu Dhabi's ADCB purchases stake in Alexandria Medical Services for $17.43mln
This transaction comes as a settlement for the bank's dues with BR Shetty
Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange
By Staff Writer, Mubasher
Abu Dhabi – Abu Dhabi Commercial Bank (ADCB) has acquired a 51.5% stake in the capital of Alexandria Medical Services - Alexandria New Medical Center for AED 64 million (EGP 275 million), Al Arabiya reported.
This transaction comes as a settlement for the bank's dues with BR Shetty, the founder of NMC Health.
The Prime Securities Brokerage has executed the deal, while Zulficar & Partners Law Firm was its legal advisor.
Noteworthy to mention, in April 2020, ADCB confirmed that the liabilities of NMC Health Group to the bank have amounted to $981 million as at 31 March 2020, representing less than 1% of the bank's total assets.
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