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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."

Mangaluru, May 12: Two people hailing from Udupi district tested positive for covid-19 today. The sources of this infection is said to be Mangaluru's First Neuro Hospital.

Fresh bulletin from health and family welfare department revealed that a 52-year-old woman and a 26-year-old man from Karkala in Udupi were tested positive for the deadly coronavirus.

Among them, the woman had undergone treatment at the First Neuro Hospital. She is said to have contracted the infection from P-507 who was also was tested positive  April 27. And the youth was in touch with the woman.

The duo have not visited their home in Karkala for past few days. They were in quarantine and tested positive while being admitted at the same hospital.

With this the total number of COVID-19 cases found in Dakshina Kannada district are 33 now. Three among them have died and 14 have been discharged. Now, the district has 16 active coronavirus cases.

Mangaluru, June 28: Three fresh deaths in last 24 hours have taken the total number of covid-19 deaths in Dakshina Kannada district to 13.

While a 31-year-old youth from Idya in Surathkal and a 57-year-old woman from Bantwal passed away last night, a 52-year-old woman from Jokatte breathed her last today. 

The youth from Suratkal breathed his last in Wenlok. The woman from Bantwal’s Loretto Padav village was unwell for last 1 year. She was tested positive three days ago and passed away at a private hospital. 

The woman from Jokatte was reportedly suffering from tuberculosis. On June 26, she was admitted to a private hospital in the city, where she was tested coronavirus positive.

As per the district health bulletin on Saturday June 27 evening, a total of 12,919 samples have been sent for tests till date, out of which 12,198 have turned out negative, and 576 positive, including 10 persons from other districts. 

Out of these, 148 are currently active. As many as 416 persons have recovered and been discharged.