Kuwait International Bank completes sale of NMC Health debt

The sale of debt, worth over $13mln, is subject to approvals

  
People walk past the NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. Image for illustrative purposes.

People walk past the NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. Image for illustrative purposes.

REUTERS/Satish Kumar

Kuwait International Bank said it has completed the sale of its exposure in troubled UAE healthcare group, NMC.

The lender, which was owed $74.11 million by NMC health, in May decided to cut is losses and sell the debt to an unnamed entity for KD 3.98 million ($13.25 million).

In a statement on Sunday to Boursa Kuwait, where its shares trade, KIB said while the sale would enhance its financial position, it should not necessarily be an indicator of the bank's financial results for the third quarter 2021 as it is still subject to review by external auditors and approval from the authorities.   

NMC, the largest private healthcare provider in the UAE, ran into trouble last year after it disclosed more than $4 billion in debt. The company was placed in administration last year.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021


More From Equities