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 4: An Israel-bound passenger has been arrested at Mangaluru International Airport, here as he was in procession of two live bullets.
Comments
If he was muslim it would have been \\"\" breaking news im arnab goswamis throat.. Hypocrites dont show this.. Arresting of real terrorists."
oh namo shiva,,,, Not muslim,,, Otherwise story could be manglorean apponited to kill / carry out terror attack in Isareeel, by AL- hamas , hijbul mujahideen,,. many mnay.... Breaking news @ Times now,,,zee new,,,etc etc,,TV9,,,tonight debate with AR-nab Cow swamy.
Mangalore media shouted \Terrorist\" once Mangalorean Muslim youths carries Chakkuli, Kaarakaddi and some snacks. Here gone silent????"
#7 He came to deceive cheddis, the ways they are doing since decades...
NO NEWS SO FAR IN OTHER MEDIA....ONLY I CAME TO KNOW BY CD HERE..
IF THIS WAS HAPPENED TO MUSLIM PASSENGER, WHAT WILL BE THE REACTION FROM THE AIRPORT AUTHORITY AND THE GOVT OFFICIAL INCLUDING POLICE DEPT?????
He came to train RSS and bajarangi pepole so take care
IF MUSLIM FOUND IN SAME ISSUE EVERY NEWS WILL SAY TERRORIST ARRESTED IN MANGALORE AIRPORT.
May be he was taking those bullets to kill Palestinians....need to be investigated....
dont understand what and all this people will be smuggling, golds different case,
ohh really this guy must be crazy. as we all know powerful x ray scanner will be there.
Good work done by airport officials
When a innocent Muslim man was held at the same airport when the Sanghist authorities mistook his tab for an explosive it became an international news. now when this Israel bound passenger arrested with bullets its not at all a news for national media. what a double standard.
Add new comment