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
Nothing to say ! Everything is in the name of Dargha fights route cause is Un-Islamic.
Wrong people of the RIGHT-RELIGION.
Desecrating grave and Ullal Kazi khoora Thangal and SSF electing a rowdy who spending night at bar as Darga president against majority wishes
these two example enough for how low people can go for Darga business
lock down darga to save people from hell fire
really inhuman incident. must be hanged whoever made this crime.
These people trying to take advantage of Minister's patience. May Almighty Allah rest in peace his parents. Aameen
either minister or common people , writings on graves , building permanent structures not allowed in islam, muslims should avoid it... people can not show their anger by destroying such things, or degrading graves... only fools and ignorant muslims only can do such things... those fighting for power, should understand that you are fighting for unlawful money , dargha itself is un islamic thing for muslims... Prophet Muhammed (pbuh) ordered to destroy such dargahs, muslims also follow that way only...
what UT Khader did now, this people fighting for dargah's president ship. and damaging ut khader's parents graves is different issue.
as Monu Borkala said,
the above incident clearly says Dargah business is very profitable and it does not have any islamic background, and i must say that for money this type of people will kill anybody and do above incident further,
inhuman can do this crime. totally i must say its wrong. for all of us parents means its like a god to us, for the memory we build their grave, it feels like they are with us, damaging grave is like playing with emotions.
Whoever did this job is highly condemnable at the same time being a well wisher of U.T.Khader we are expecting our Minister to act fairly in the trouble unfolding in Ullal dargah. He is taking wrong side by siding with SSF people against the wishes of people of Ullal. It was clear by recent election to Dargah Committee majority of 27 out of 49 members elected a president instead of supporting people verdict sending government official of waqf at mid night to lock the Dargah chamber is highly condemnable.
UT Khader's big Fan, this must be a work of SDPI, if dog bark on the street let them bark, we should not think about it.
khader sir we are with you, whatever damage they have done to you the same in other way they will go through it.
Dont worry khader bhai, not a big deal to build a newer one. let this dogs go to the hell.
sad news, whatever the issue is touching someone's grave is totally wrong. i can proudly shout \humanity lost\"."
the above incident clearly says Dargah business is very profitable and it does not have any islamic background
catch those mad dogs and grave them in road.
UT khader's father was a great man he sacrificed so much to the society. this is clearly a horrible violence.
this is totally wrong, the politician or common man. should not touch the grave of the parents, some mad dogs did this
Devotees? These are humans with the worst order. And they want to take iver management of a dargah... obviously for corrupt purpose. #Shame
Add new comment