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."
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If Owaisi compains for jds and bsp, he will lose the respect what we kannadigas have in him. He is being used by these parties only to divide muslim votes and alternatively support bjp. In case Owaisi did so, it will be very clear that he is hidden agent of bjp. If actually he needs betterment of muslims, he should keep away from Karnakataka elections. |this is our sincere advice to Mr. Owaisi otherwise we will support or respect him any more. Besides this if he comes to karnataka, i reqeust muslims to welcome him by rotten eggs and black flags. Let him understand that this is not Hyderabad. Why is he showing double standard? Why cant he stand in one boat. He should not try to be another Mir Jafar or Mir Qasim. I was a fan of him, but if he comes to karnataka on the hidden agenda of bjp, i will disrespect him for ever and will not consider him as a sympathisers of Muslims. He will do it for his own benefit. In every speech he speaks about unity in Muslims but he himself is going against it. I doubt he will keep on his popularity and may lose next election in his own constituency and AIMIM will also be thrown out. Hope Owaisi will understand the situation and take back his plan to visit karnataka to divide muslim votes.
Mr. Owaisi, try to follow one ideology. Dont spread your leg in two boats at the same time, you may fall down
He only denied the campaign offer before. Now again..
Double Standard guy, we know about you and we know about your dealing With BJP president Amith Shah close door meeting , do not try to fool Kanndaigas , we are very clear whom to vote ...........
Wonder land man from wonderland AIMIM looks not Indian degree, may be United Kingdom Degree after MIMIM this is Masters degree to the wonder Owaisi!!!!! any way he is the Gate way of "Devide and Rule" good money bai sabb, you divide or Sale no problem, we need our comission, he did in Uttarpradesh, Bihar now he came to Karnataka, no worries "Every Dog has its own day Bai sabb" I am sure Kannadians will not listen your stupidity
Jai hoo Siddaramanna
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