ADCB receives $41.4m offer to acquire its stake in Egyptian medical company

DUBAI: Abu Dhabi-based ADCB said it received a EGP650 million ($41.4 million) offer to acquire its 51.54 percent stake in Egypt's Alexandria Medical Services Company.
It received the offer to purchase the stake from TAT for Medical Services, a unit of Alexandria Healthcare Investments, the bank said in a filing to the Abu Dhabi stock exchange.
The offer is contingent on receiving the necessary regulatory approvals in Egypt, ADCB said.
Egypt is ramping up health spending as the sector attracts renewed investor interest from emerging privatization opportunities.