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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The Qur'an, Kannada Translation & Explanation is available @
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Dear Brothers,
These are nothing but so called salafi, Salaf means should follow the quran and sunnah according to the understand of the Sahaba, these are just following their own desires under the banner of salafi name. kindly change your organization name to somethingelse.
Brother Thanzeel what about your pant ?did you cut?it's above the ankle?first you did and scrue aothers,
U.N.Abdul Razak sir (President of SKSM Mangalore) For the sake of Allah Please cut your Pant its beyond your Ankle.
I did my duty obeying is your Wish.
Dear Abu Rimsha,
you can use Translated Quran in Kannada Meaning Version in Android Play Store Type PAVITHRA QURAN
Already there are kannada quran by other org like Shanthi prakashana, AS Puthige etc, if we are able to done coordinated work we can avoid duplication & use energy, time, money for different works.
Dear Abu Thabish IFF is working for community not like other group fighting each other .there are many group in salafi calling them kafir first stop saying other kafir. Allaha will see heart first . Salafi Built Many Mosque Near the other Mosque .there is no need built the Mosque still they Built the Mosque near other mosque in Many place .divided the Muslim .
No identity of islam except big beared.
Hope, they are muslim
YES BRO #5 AM MANGALORE,,,, PLEASE CONTACT MASJID IBRAHIM KHALEEL, NEAR STATE BANK MANGALORE.
Can anyone tell me, can i GET FREE COPIES of this BOOK?
There are many people without knowledge made enemy of ISLAM
There are many people without knowledge HATE ISLAM
There are many people without knowledge fall trap to enemies of ISLAM
What is ISLAM?
IS ISLAM encouraging Terrorism?
IS ISLAM enemy of other RELIGION?
Does MUSLIMS hate HINDUS?
An intelligent person will try to KNOW the reality and will not accept whatever is said in the MEDIA... It is easy for ENEMIES to SPREAD LIES & FOOL, when the PUBLIC accept whatever said to them... & not VERIFYING.
We MUSLIMS believe that QURAN is word of OUR CREATOR ALLAH, and his MESSAGE to all of his CREATION including NON MUSLIMS ... IT is YOUR choice to READ it, PONDER it, if not satisfied MAKE a research of it... If YOU still dont believe what is said in QURAN ... it upto U .. there is NO FORCE on YOU by the RELIGION of TRUTH, the only religion accepted by the CREATOR of all that exists.
THINK & PONDER.... Dont stay IDLE ...
Well said Mr. Abu Thabish, KSA.
Dear Karnataka Salafi Movement Concern,
Plz advise the Salafies translated Quran with Kannada meaning version in android Play store. Presently I am using Divya Quran by Shanti Prakashana.
Salaam
Masha Alaah...
Dear IFF, KCF Brothers
This is what we call Deeni Program. Helping the Society to achieve the Goal for Life after Death.
See the Beard See the Pant (Above the Ankle) This is the Actual Uniform of Islam.
Do not waste your Precious time..Learn Islaam before its too LATE.
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