#UAE's ADCB receives $41.5mln offer for stake in Alexandria Medical | ZAWYA MENA Edition

UAE's ADCB receives $41.5mln offer for stake in Alexandria Medical | ZAWYA MENA Edition

The UAE-based Abu Dhabi Commercial Bank (ADCB) received a binding offer from TAT for Medical Services, a subsidiary of Alexandria Healthcare Investments, to acquire the bank's 51.54 percent stake in Alexandria Medical Services - Alexandria New Medical Center.

TAT for Medical Services has submitted the binding offer to acquire the bank’s stake through a mandatory tender offer (MTO) for up to 100 percent of Alexandria Medical Services' shares at a total value of EGP650 million ($41.5 million), according to an ADCB filing on the Abu Dhabi Exchange on Tuesday.

The price per share is EGP45.53, which will be decreased in case the issued capital increase of the bonus shares has been executed before the MTO is completed, according to the statement.

This binding offer is subject to obtaining the required regulatory approvals for the MTO.

In December 2020, ADCB acquired a 51.54 percent stake in Alexandria Medical Services - Alexandria New Medical Center’s capital for 64 million dirhams ($17.4 million) 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.