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

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange

REUTERS/Stringer .
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.

Source: Mubasher

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