Kuwait International Bank completes the sale of its exposure in troubled UAE healthcare group, NMC.
28 August 2021, 12:00 AM
30 September 2021, 12:00 AM
Kuwait International Bank completed the sale of NMC Health debt. The sale of debt, worth over $13mln, is subject to approvals
The lender, which was owed $74.11 million by NMC health, in May decided to cut is losses and sell the debt to an unnamed entity for KD 3.98 million ($13.25 million).
NMC, the largest private healthcare provider in the UAE, ran into trouble last year after it disclosed more than $4 billion in debt. The company was placed in administration last year.
In a statement on Sunday to Boursa Kuwait, where its shares trade, KIB said while the sale would enhance its financial position, it should not necessarily be an indicator of the bank's financial results for the third quarter 2021 as it is still subject to review by external auditors and approval from the authorities.