ADCB appoints CI Capital for sale of Alexandria Medical Services stake

Abu Dhabi Commercial Bank PJSC (ADCB) has appointed CI Capital Holding for Financial Investments as its financial advisor and sale process coordinator for the sale of its 51.54 percent stake in Alexandria Medical Services – Alexandria New Medical Centre (ANMC).

ADCB has started marketing its stake in ANMC on March 8, the company said in a bourse filling on Tuesday.

In accordance with the applicable laws and regulations, the sale process “will entail the obligation of any potential buyer of ADCB’s stake in the Company to undertake a mandatory tender offer (MTO) on the Company’s shares,” ANMC filling read.

In late December 2020, ADCB purchased a 51.5 percent stake in ANMC’s capital for 64 million dirhams ($17.4 million) as a settlement for the bank’s dues with BR Shetty, the founder of NMC Health.