UAE-based hospital operator NMC Healthcare has appointed Rothschild as a financial adviser to help it explore strategic options for its shareholders, including an initial public offering.
The company will also look into other options including the sale of the business, and appoint a second financial adviser in “due course”, NMC said in a statement on Wednesday.
The latest move follows the completion of NMC's restructuring process overseen by the Abu Dhabi Global Market in 2022, and the exit of 34 operating companies from administration to become subsidiaries of a new group.
“We are pleased to explore strategic alternatives for the company at an exciting time in the UAE,” NMC Healthcare chief executive David Hadley, said.
“The market is witnessing rapid population growth and presents an attractive opportunity to provide high-quality medical services across diverse and changing demographics.”
NMC was founded by BR Shetty in 1975. It grew from a single clinic to become the UAE’s biggest privately owned healthcare operators, employing thousands of people.
The company’s shares were listed on the London Stock Exchange in 2012 and at its peak in 2018, it was valued at £8.58 billion ($10.9 billion).
However, the business crashed after a report from short seller Muddy Waters in December 2019 alleged that the company had inflated the value of its assets and understated its debt.
An independent investigation uncovered more than $4.4 billion of previously unreported debt, leading to the company being placed into administration in April 2020.
Last year, a lawsuit was filed against Mr Shetty and its former chief executive Prasanth Manghat in a $4 billion case alleging fraud.
Legal claims were filed in the UK and Abu Dhabi against Mr Shetty, Mr Manghat and the Bank of Baroda, said Richard Fleming, managing director of Alvarez & Marsal Europe and joint administrator of NMC and NMC Healthcare, at the time.
In 2021, Mr Shetty also filed a case in the courts in New York accusing former directors, two banks and the company’s former auditors of conspiring to “artificially inflate the financials of NMC” and other group companies.
NMC Healthcare comprises 85 hospitals, specialty clinics and medical facilities under several brands serving more than 5.5 million patients annually, with 12,000 employees.
Earlier this year, NMC and Dubai Islamic Bank signed an out-of-court settlement to resolve all legal disputes between them and any associated third parties.
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The 10 Questions
- Is there a God?
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- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
UAE squad v Australia
Rohan Mustafa (C), Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Fahad Nawaz, Amjed Gul, Shaiman Anwar, Ahmed Raza, Imran Haider, Muhammad Naveed, Amir Hayat, Ghulam Shabir (WK), Qadeer Ahmed, Tahir Latif, Zahoor Khan
