Business & Economy

UPDATE 1-NMC Health vice chair quits, shares fall further

(Reuters) – NMC Health (NMC.L) said on Friday Executive Vice Chairman Khalifa Butti Omeir Bin Yousef had resigned from its board, the latest sign of turbulence at the United Arab Emirates largest private healthcare provider as it eyes a sale to one of two private equity groups.

On Monday, the company’s co-chair and founder B.R. Shetty said he was stepping back from board functions after he informed NMC of a potentially inaccurate reporting of his holding in the company.

The holdings of Shetty, Khalifa Butti and Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi may have been incorrectly reported historically to the company and the market, NMC had said earlier this week.

Khalifa Butti is the company’s second biggest shareholder, according to Refinitiv data, and runs UAE investment firm KBBO.

NMC had previously launched an independent review of its finances in December after short-seller Muddy Waters positioned for falls in the company’s shares, questioning the value of its assets and its cash balance.

Its shares, down 2.5% on Friday, have fallen almost 70% since the Muddy Waters report.

The company said earlier this week it had received buyout interests from Italian-backed GKSD Investment Holding and U.S.-based KKR Co Inc (KKR.N). GKSD subsequently confirmed it could bid for the hospital operator but KKR has said it would not.

NMC, which listed in London in 2012 and was promoted to the blue chip FTSE 100 index in 2017, operates clinics and hospitals, specialized maternity and fertility clinics, and long-term care homes hospitals across 19 countries.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur and Patrick Graham

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