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Abu Dhabi-based NMC Healthcare has reportedly received bids to sell its distribution unit and will soon be selling it to different parties.

The development comes over three months after NMC Healthcare’s founder and then-chairman B R Shetty stepped down amid allegations of massive fraud. 

The company, which recently laid off hundreds of workers, is offloading stake in the subsidiary as it is considered non-core and requires substantially high working capital to run the operations. In addition, this stake sale will help the company pay off some of its debt

"There are parties who have strong interest in the distribution business. NMC will be offloading the unit soon and that also to different parties," a source said.

"The company is in the process of exploring options for NMC Trading, the group's distribution business, which it has determined to be non-core and requiring substantial levels of working capital. The process should not materially adversely impact distributors' activities, nor NMC Trading's customers," an NMC Healthcare spokeswoman said.

The UK-court has appointed Alvarez & Marsal as administrator to oversee the operations of the debt-ridden hospital operator. The healthcare firm has been caught in a whirlpool of $6.6 billion debt while its senior former high management team is under investigation for financial irregularities.

The UAE Central Bank has direct local banks to freeze all bank accounts of NMC founder BR Shetty and his family members as well as accounts of those companies where he has a stake. The Central Bank move is subsequent to a criminal complaint filed by Abu Dhabi Commercial Bank, which has the largest exposure to NMC Healthcare, amounting Dh3 billion.

As the company faces financial difficulties, Reuters reported that NMC Health delayed May staff salaries and now expects to complete making payments by the first week of June.

The spokeswoman said: "The company has been in regular dialogue with its creditor constituencies through various creditor committees, including the direct bank lenders to its NMC Trading businesses."

Bengaluru, Jul 5: Day after a Covid-19 patient died on a road near his home waiting for an ambulance for nearly two hours, Bengaluru civic body commissioner on Saturday offered his unconditional apology for the tragic incident.

Bruhat Bengaluru Mahanagar Palike (BBMP) Commissioner BH Anil Kumar met the family of the 55-year-old Covid-19 victim who died unattended on the roadside on Friday and apologised on behalf of the BBMP.

BH Anil Kumar also appealed to citizens to not stigmatise coronavirus patients and their families.

"Met the family of the Covid victim in Gavipuram who was left unattended on the roadside. Offered an unconditional apology on behalf of the BBMP as our staff could have handled the situation in a better manner. Appeal to citizens not to stigmatise Covid-19 patients & families," BH Anil Kumar said in a tweet.

In one of the pictures tweeted by BH Anil Kumar, he can be seen standing with folded hands in front of the deceased Covid patient's family.

The 55-year-old man was getting treatment at his house after he developed breathing issues. However, his condition worsened after his Covid-19 report came positive. His wife then informed the hospital and requested an ambulance.

His family members decided to take him to the hospital by an autorickshaw as the ambulance was getting late. However, the man collapsed on the street as soon as he stepped out of his house.

Mangaluru, June 27: The district health authorities are likely to conduct mass random testing for Covid-19 in Ullal town on the outskirts of the city in the wake of detection of several new coronavirus positive cases there in past couple few days.  

An elderly woman from Azad Nagar in Ullal was died of coronavirus earlier this week. Many others including a couple of policemen also tested positive for the deadly virus in vicinity.

Following this, local elected representatives including MLA U T Khader and religious leaders of Ullal held a meeting regarding taking steps to control the spread of the virus. In the meeting Mr Khader suggested the authorities to conduct random testing in Ullal town. 

Apart from Azad Nagar, covid-19 cases have surfaced in Kodi, Bangera Lane and in the surroundings of police station and Sahara Hospital triggering panic among people. Hence, the authorities are like to conduct random testing of auto rickshaw drivers, fishermen, street vendors among others. 

Meanwhile, several mosques in Ullal have reportedly decided to suspend congregational prayers temporarily.