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UAE's ADCB says TAT for Medical ups offer for Alexandria stake

June 9, 2021
finance & economy

TAT for Medical Services submits binding offer to acquire stake through MTO

TAT for Medical Services, which is bidding to buy UAE-based Abu Dhabi Commercial Bank’s 51.54 percent stake in Alexandria Medical Services - Alexandria New Medical Center has amended its binding offer to 700 Egyptian pounds ($44.5 million) from the previous offer of EGP650 million, according to the bank.

In a filing on the Abu Dhabi Exchange on Tuesday, ADBC said the new price per share in the amended is EGP49.04, up from the EGP45.53 earlier.

The price will be reduced in case the issued capital increase of the bonus shares has been executed before the MTO is completed, according to the statement.

TAT for Medical Services is a subsidiary of Alexandria Healthcare Investments.

Last week, the UAE-based lender said it had received from one of the other potential investors a letter disclosing its intent to submit an MTO for the full stake but did not include a price for the shares. The bank noted that therefore this letter did not qualify as a binding offer.

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.


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