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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Dears even if prophet (pbuh) did not ate beef ,never deneyed it to his rollovers ,what is halal and what is haram is clearly mentioned in Quran, but for a beliver its not compelsory to eat beef to prove his belief it permisable one like mutton and chicken or veg it depends upon the place, whether, biographical condition ,ect, here not only Muslims meeting beef people of,so many other religion also eating but only Hindus worshiping it this is fact ,,one more thing people of different parts of the world eetind beef since human eyes but problem begins only it created a vote bank ,,now real Hindus should prove what is real hinduism which permits to kill human for the name of cow? Still cow know nothing!!
CRAZY man half knowledge , makes him crazy to express wrong words
Dear CD
Don't support by publishing un islamic topic from so called Muslim (Nawzbillah)
Beware of such people,
Our bellowed prophet peace be upon him, said anybody who lies as misquoting against him, shall reserve their place in hell.
We should ask him for authenticated proof, sure he will fail to do so, then people have to decide his fate on the grounds of sharia law.
Better change your name to Tarak Mehta :-)
Hello, who is this Tarek Fatah, Agent of RSS, what he know about Prophet Swallahu Alaihi wa sallim. Where is quoted beef is Haram in Qur'an or Hadith.
What he is talking even not veda, purana, ramayana or in Mahabharatha there is no single word against slaughtering cow. 10000 of cows and other animal slaughter in yaaga, yajna.
Prophet Muhammed peace be upon him Told be aware of MUNAFIQs like you . and also mentioned that the day will come when Ignorant will become leaders ......so you try to become......you are going against ISLAM by claiming something Haram when its allowed in ISLAM
May be one day you will say PIG also allowed....!!!
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