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."
Comments
Only 2 bride grooms...... our community members are not ready to take the advantage.....
I suggest all the organizers to sit together, plan for the year, and announce the venues at different places with the gap of 2-3 months....People can avail the benefit according to the needs of all the people concerned......
open encouragement of dowry ... mama ...min 80 gram gold + babe+ gifts bere jothege baaaduta ( stolen cow meat biryani ) ...yella okay bride na torsode illa yaake ? haha ... faizhal bhai ee varshanu attend agideera hege ? haha sumne kelidu maarre ... 4 options ottrasi untalla so haage keliddu ... hengri maintain madtira 4 4 na .. haha
Are the Organizers ready for this kind of Marriage for theirselves or for their Daughter or for their son?. If no, no use of such things. It is only for their time pass.
Are the Organizers ready for this kind of marriage for themselves or for their Daughter or their son ? this is the Million Doller question.
Add new comment