U T Khader assures to expedite efforts for Mangaluru-Riyadh direct flight

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, Apr 12: A 10-month-old baby who tested COVID-19 positive on March 27 completed treatment and discharged from hospital on Saturday.

He was the youngest positive case in Karnataka, from Sajipanadu village in Bantwal taluk.

The child had been with his mother to a relative's house at Monetepadau village, situated on the Karnataka-Kerala border in the first week of March.

A few days later the child developed an acute respiratory illness and tested positive for the COVID-19 virus.

Treating the breastfeeding child was challenging for doctors as he had to be isolated. A team of doctors from Wenlock Hospital took up this challenge and successfully cured the baby.

Test reports on his mother and grandmother too have returned negative. They too had been under quarantine and were discharged with the baby.

Another positive development was that no COVID-19 case has been reported from the child's village.  

The entire Sajipanadu village was completely sealed after the child tested positive and the district had provided all the necessary supplies to the villagers.