Earlier in March 2020, NMC Health this month asked lenders for an informal standstill on its existing facilities/Bloomberg
by BloombergAbu Dhabi’s Daman is helping NMC Health paying overdue bills in what could be a sign the emirate is stepping in to help the beleaguering hospital operator.
Daman, the National Health Insurance Company is speeding up payments to Abu Dhabi-based NMC Health so that the hospital operator can pay salaries and other invoices.
The move by Daman, which is 80 per cent-owned by the Abu Dhabi’s government and the rest by Munich Re, is seen as an intervention by the oil-rich emirate to address a cash shortfall.
Banks have been reluctant to lend to London-listed NMC Health since Muddy Waters Capital accused it of financial improprieties in December 2019. The company earlier this month asked lenders for an informal standstill on its existing facilities.
Daman stated that its relationship with its partners is governed by regulatory guidelines and agreements that stipulate how and when payments are made, adding that it complies with all standards and agreements.
Shares of NMC, founded by Indian billionaire Bavaguthu Raghuram Shetty, have been in freefall since the Muddy Waters report. The stock was suspended on 27 February 2020 and will be relegated to the mid-cap FTSE 250 Index when trading resumes.
MOST READ
BUSINESS
COVID-19 poses downside risks to Egyptian banksBUSINESS
UAE firms launch Covid-19 economic aid packagesBUSINESS
Saudi Arabia plans to boost oil export to 10...BUSINESS
Aldar to invest AED 2 million in Abu Dhabi...BUSINESS
Saudi Aramco posts a 21 per cent decrease in...BUSINESS
Oil drops 31 per cent as price war erupts...BUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
NMC Health hires Moelis for debt restructuringBUSINESS
Saudi Aramco prepares for international listingBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Egypt plans to resume IPOs of parastatalsBUSINESS
SHUAA Capital reports a net profit of AED 45...BUSINESS
HSBC considering exiting from Turkey
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
