ADCB acquired 51.5% of the share capital of Alexandria Medical Services - New Medical Center.
According to Arabiya Net, the value of the deal is about 275 million Egyptian pounds, equivalent to 17.6 million US dollars, in fulfillment of his dues with the Indian seller, BR Shetty.
This settlement comes against the backdrop of accounting scandals that prompted the Indian billionaire to flee from the UAE last year.
The founder of NMC Health Hospitals BR Shetty said last February that he intended to return to the UAE, denying reports that he had fled the country.
NMC came under administrative guardianship in April after months of turmoil in its finances and the discovery that it had $ 6.6 billion in debt, which was much higher than previous estimates.
The Prime Securities Brokerage Company executed the deal with both the buyer and the seller, while the Zulfikar Law Firm acted as a legal advisor for the deal.
The Managing Director of Capital Markets at Prime Holding, Hassan Samir Farid, said that ADCB plans to divest from its stake in the company to the investor who will meet the conditions by submitting an offer Purchase of 100% of the company’s shares in accordance with Egyptian laws and regulations.
It is worth noting that the Alexandria Medical Services Company has issued and paid up capital 114199800 pounds and announced a decline in profits by 24% in the first 9 months of 2020 compared to 2019, achieving approximately 153 million Pound revenues and about 16 million pounds profits.
