Dubai – Mubasher: Emirates NBD’s profitability and capitalisation are expected to improve backed by the bank’s decision to sell an additional 10.5% stake in Network International Holdings Plc, Moody's Investors Service said in a recent report.

The sale transaction will positively impact the bank’s credit ratings, according to the report.  

On 5 September, Emirates NBD said it sold an aggregate of 52.6 million ordinary shares in the share of capital of Network International Holdings.

The transaction was implemented through an accelerated book-build to institutional investors at a price of 580 pence per ordinary shares.

Once completed, the DFM-listed bank would hold 59.7 million ordinary shares in the share capital of Network International.

The leading bank also revealed that Citigroup Global Markets Limited, Morgan Stanley & Co International Plc, J.P.Morgan Securities Plc, and Emirates NBD Capital Limited acted as the bookrunners of the placing.