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UAE's ADCB, shareholder exit Alexandria New Medical Center

UAE's ADCB, shareholder exit Alexandria New Medical Center
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Cairo – Mubasher: Abu Dhabi Commercial Bank (ADCB) has sold its 51.55% stake in Alexandria Medical Services - Alexandria New Medical Center for EGP 393.32 million.

The UAE bank sold 802.69 million shares at an average price of EGP 49 per share, according to a bourse disclosure on Sunday.

In a separate statement, the medical company announced that shareholder Yasser Mohammed Ahmed Ali Barakat sold his 536,880 shares (3.44% stake) in Alexandria New Medical Center for EGP 26.30 million, equivalent to an average price of EGP 49 per share.

Prime Securities and Golden Hand for Securities Brokerage acted as brokers in the two transactions. 

Last week, the Egyptian Exchange (EGX) announced that a mandatory tender offer (MTO) was carried out on the issued shares of Alexandria New Medical Center at a value of EGP 535.42 million.