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EY seeks adjournment of NMC negligence trial
https://globalrestructuringreview.com/article/ey-seeks-adjourn-multi-billion-dollar-nmc-negligence-trial?utm_source=J%2526J%25E2%2580%2599s%2Bthird%2Bbankruptcy%2Bto%2Bstay%2Bin%2BTexas&utm_medium=email&utm_campaign=GRR%2BAlerts
The former auditors of UAE-based healthcare provider NMC are trying to delay the trial of a US$2.7 billion negligence claim brought against them by the group’s administrators, claiming “serious and ongoing” disclosure delays have prejudiced their ability to stick to the procedural timetable.
more dead then alive
what is the current situation with this stock ...? dead or alive ???
It now appears the mid Jan. Meeting is the next ray of hope. It could be a couple of years to get it back on the exchange if ever. I’ve held others for much longer so hope springs eternal.
By my reads it’s an Oct. surprise reveal.
Get your seats early.
Good news! Abu Dhabi – UAE, 01 September 2021: NMC Healthcare Ltd (“NMC” or the “Company” or
together with its subsidiaries the “Group”), the largest private healthcare company in the UAE,
has received creditor approval for the proposed deeds of company arrangement (DOCA)
restructuring process that will allow 34 NMC group companies to exit administration and continue
to operate the core business of the NMC group.
you need to go to yahoo message board for more updates. Most people post there rather then here. In few days we will know more about the future of our shares.
why so quiet on this board ?? does anyone have any updates on the potential of this company....???
Purchasing 77.77% Equity in the beleaguered companies, owned by DR B.R. Shetty a Billionaire Indian Origin business tycoon from the Middle East, previously worth billions of dollars in market valuations but now deeply besieged due to certain irregularities and restraint orders placed on this businessman renowned very popularly otherwise across India and Middle East. Registrant is in active talks to buyout equity in his companies invested into Pharma, Tea Estates, Hospitals, Money Exchange and Instant Money Transfer Platform and Real Estate. Phase 1 Capital Investment needed is about INR 3,120 Cr (US $ 433.33 M) of which initial capital requirement is about INR 1,451 Cr (US $201.52 M). These assets otherwise were potentially valued billions of dollars, considering that Dr. Shetty was estimated to be worth around US $12.9 Billion just in 2018 with his equity ownership in NMC Hospitals, Neo Pharma, UAE Exchange and FINABLR apart from other companies and assets that he owned across.
https://www.sec.gov/Archives/edgar/data/1554947/000155335021000487/itup_8k.htm
@BeSoBen
are u on ihub too? contact me here if you are
Patience MAY pay off. Maybe not. news is scarce due to the nature of this equity. someone wanted in late - maybe just a paint tape at 47 as only 100 shares
164k traded a bit low and even the 6k traded in last 10 minutes nothing special. I just noted it closed up a but today
20210319 - 58 Trades for U:NMHLY
Time X Price Chg Vol
15:59:59 Q 0.47 0.059 100
15:59:35 Q 0.44 0.029 1,728
15:59:23 Q 0.44 0.029 272
15:59:22 Q 0.426 0.015 2,000
15:57:17 Q 0.44 0.029 2,000
15:55:58 Q 0.426 0.015 1
15:55:29 Q 0.426 0.015 100
15:52:56 Q 0.426 0.015 500
15:11:43 Q 0.44 0.029 1,000
15:07:35 Q 0.44 0.029 5,625
15:05:41 Q 0.44 0.029 575
15:05:40 Q 0.425 0.014 2,000
14:32:27 Q 0.42 0.009 2,500
14:26:11 Q 0.42 0.009 4,490
14:25:55 Q 0.42 0.009 10
14:25:54 Q 0.415 0.004 2,000
14:09:00 Q 0.415 0.004 10
14:08:38 Q 0.41 -0.001 32,154
14:08:38 Q 0.41 -0.001 2,846
13:47:55 Q 0.415 0.004 100
13:45:57 Q 0.41 -0.001 100
13:42:25 Q 0.41 -0.001 28,400
13:37:15 Q 0.4075 -0.0035 300
13:23:50 Q 0.4075 -0.0035 200
13:19:04 Q 0.41 -0.001 300
13:18:45 Q 0.4075 -0.0035 1,500
13:18:45 Q 0.41 -0.001 1,300
13:12:29 Q 0.41 -0.001 1,000
13:11:59 Q 0.4125 0.0015 2,000
13:00:24 Q 0.4125 0.0015 101
12:24:19 Q 0.4125 0.0015 1
12:15:03 Q 0.415 0.004 3,000
12:09:23 Q 0.4125 0.0015 60
12:04:15 Q 0.415 0.004 8,000
12:03:54 Q 0.4125 0.0015 2,000
12:00:41 Q 0.415 0.004 8,000
12:00:21 Q 0.4125 0.0015 2,000
11:56:31 Q 0.4125 0.0015 100
11:52:36 Q 0.415 0.004 1,802
11:50:27 Q 0.415 0.004 500
11:49:34 Q 0.415 0.004 1,010
11:49:30 Q 0.4148 0.0038 990
11:47:18 Q 0.415 0.004 3,373
11:33:21 Q 0.4075 -0.0035 4
11:31:20 Q 0.4075 -0.0035 26
11:20:19 Q 0.4075 -0.0035 36
11:18:32 Q 0.4075 -0.0035 200
10:51:23 Q 0.41 -0.001 1,500
10:39:44 Q 0.415 0.004 5,000
10:31:39 Q 0.40 -0.011 9,000
10:31:27 Q 0.40 -0.011 1,000
10:19:18 Q 0.41 -0.001 11,116
10:03:13 Q 0.419 0.008 425
09:58:52 Q 0.41 -0.001 200
09:58:39 Q 0.411 3,000
09:51:26 Q 0.419 0.008 9
09:38:55 Q 0.42 0.009 1,000
09:31:04 Q 0.43 0.019 5,800
I am in the same possition as you. Also been here since end april 2020.
Good luck to us all.
Ive got over 154k shares at an average of .43. Ive waited 1 year now. I can certainly wait a month for hopefully good news and a few years, if the news is good, for a few mill. If the news isn't good, oh well, it was definitely worth the risk and will take it as a write-off. Good luck to all the longs.
well, Sure I could sell and free up the cash for something else. I dont need the cash and if it all goes POOF then so be it. I have had an incredible 2 months like many others willing to trade.
But no way do I want to be watching some sort of good news hit a week after I sell. Obviously someone thinks the gamble is worth 47 cents so Ill stay and see. Its a gamble
But hell I made an NFT and 2 crypto buys today as well as a few trades - This one is damn boring compared to the foolishness I partake in.
For sure. Lets hope good news follows soon. ??
interesting day - small bid was showing at .4749 for 2500 shares but ate up maybe 200k shares and total traded was over 700k in a range 42 to 48
great Thanks.
very little info available. Its a gamble - most plays are - seems to be more selling interest today but holding .45
520k out of the gate .60 x .65 high of .675. thin on L2 on both sides.
we did have a hew 2 million shares traded days a few months ago but thats a 9 month high since the shite hit the fan.
someone is close to court proceedings I am guessing
any new info on this? seems to be some interest before open and this doesn't even trade PM.
MY understanding is that there can be PM trading but not at retail. I really dont know much about it. .63
So I refreshed myself on the story this week. was ready to sell. really have no idea what will happen. shares could be worthless. someone just dropped $100k on it at .60 buying 160k shares in a one minute span and 2:16. IM intrigued and obviously long
OK so after holding for months and adding at .31 I decided to refresh my memory on the story LOL - It hid billions in debt. went from $15 to $0.15 in April and is in debt negotiations with lenders. still does billions in sales.
I got 204 million shares out so $120 Million market cap. so an average pinky shell these days LOL
Im exhausted most DD ive done in a year on any stock
last 3 months and yes a few high volume days
Date Ex Sym Open High Low Close Chg Vol #Tr Bid Ask
2021-02-17 Q NMHLY 0.5175 0.61 0.49 0.60 0.08 472,745 148 0.49 0.61
2021-02-16 Q NMHLY 0.475 0.54 0.475 0.52 0.035 498,909 160 0.515 0.52
2021-02-15 Q NMHLY 0.49 0.52 0.45 0.485 -0.006 0 0
2021-02-12 Q NMHLY 0.49 0.52 0.45 0.485 -0.006 287,770 102 0.408 0.52
2021-02-11 Q NMHLY 0.47 0.52 0.42 0.491 0.021 505,456 163 0.43 0.56
2021-02-10 Q NMHLY 0.46 0.53 0.45 0.47 0.02 308,205 114 0.45 0.49
2021-02-09 Q NMHLY 0.51 0.51 0.40 0.45 -0.0277 867,243 228 0.41 0.46
2021-02-08 Q NMHLY 0.55 0.55 0.40 0.4777 -0.04375 890,581 271 0.42 0.51
2021-02-05 Q NMHLY 0.54 0.55 0.52 0.52145 -0.01855 401,042 151 0.51 0.55
2021-02-04 Q NMHLY 0.54 0.565 0.50 0.54 321,336 160 0.459 0.55
2021-02-03 Q NMHLY 0.52 0.565 0.50 0.54 0.0255 237,277 145 0.52 0.565
2021-02-02 Q NMHLY 0.58 0.60 0.50 0.5145 -0.0555 322,662 177 0.425 0.565
2021-02-01 Q NMHLY 0.514 0.60 0.514 0.57 0.09 816,194 310 0.56 0.58
2021-01-29 Q NMHLY 0.47 0.541 0.455 0.48 0.065 616,451 228 0.425 0.515
2021-01-28 Q NMHLY 0.60 0.6399 0.28 0.415 -0.17505 1,718,830 474 0.3782 0.455
2021-01-27 Q NMHLY 0.50 0.65 0.44 0.59005 0.105 2,388,339 697 0.49 0.64
2021-01-26 Q NMHLY 0.335 0.55 0.32 0.48505 0.15005 2,419,824 677 0.4303 0.55
2021-01-25 Q NMHLY 0.30 0.345 0.29 0.335 0.04 732,856 185 0.32 0.34
2021-01-22 Q NMHLY 0.2687 0.335 0.267 0.295 0.0276 741,622 161 0.29 0.30
2021-01-21 Q NMHLY 0.26375 0.27 0.2625 0.2674 0.0027 188,405 72 0.2626 0.33
2021-01-20 Q NMHLY 0.267 0.267 0.2555 0.2647 -0.0023 162,202 54 0.221 0.33
2021-01-19 Q NMHLY 0.27 0.27 0.26 0.267 0.002 247,396 89 0.26 0.35
2021-01-15 Q NMHLY 0.32 0.336 0.26 0.265 -0.058 1,034,987 200 0.26 0.35
2021-01-14 Q NMHLY 0.342 0.35 0.285 0.323 0.005 683,144 156 0.2855 0.325
2021-01-13 Q NMHLY 0.23 0.36 0.23 0.318 0.088 1,915,555 382 0.2677 0.35
2021-01-12 Q NMHLY 0.235 0.238 0.23 0.23 -0.002 337,919 60 0.2185 0.24
2021-01-11 Q NMHLY 0.238 0.24 0.227 0.232 -0.008 197,282 76 0.23 0.238
2021-01-08 Q NMHLY 0.239 0.24 0.234 0.24 0.0009 134,532 54 0.21 0.24
2021-01-07 Q NMHLY 0.23 0.24 0.225 0.2391 0.0031 253,398 76 0.21 0.24
2021-01-06 Q NMHLY 0.231 0.24 0.22 0.236 0.006 265,701 92 0.23 0.242
2021-01-05 Q NMHLY 0.23105 0.2344 0.21 0.23 0.005 115,565 59 0.21 0.24
2021-01-04 Q NMHLY 0.20 0.24 0.1988 0.225 0.0175 513,664 105 0.20 0.24
2021-01-01 Q NMHLY 0.219 0.223 0.20 0.2075 -0.0105 0 0
2020-12-31 Q NMHLY 0.219 0.223 0.20 0.2075 -0.0105 642,175 130 0.20 0.21
2020-12-30 Q NMHLY 0.2195 0.24 0.2112 0.218 -0.0015 359,404 84 0.2112 0.22
2020-12-29 Q NMHLY 0.201 0.22 0.20 0.2195 0.0095 676,944 91 0.1785 0.24
2020-12-28 Q NMHLY 0.22025 0.2264 0.20 0.21 -0.0135 430,182 106 0.206 0.24
2020-12-25 Q NMHLY 0.225 0.225 0.2205 0.2235 -0.0015 0 0
2020-12-24 Q NMHLY 0.225 0.225 0.2205 0.2235 -0.0015 67,896 34 0.187 0.24
2020-12-23 Q NMHLY 0.22885 0.233 0.22 0.225 -0.006 166,234 57 0.225 0.2264
2020-12-22 Q NMHLY 0.235 0.245 0.20 0.231 -0.001 356,193 120 0.2277 0.2378
2020-12-21 Q NMHLY 0.2478 0.2478 0.2185 0.232 -0.0024 376,190 92 0.23 0.275
2020-12-18 Q NMHLY 0.25 0.25 0.23 0.2344 -0.0126 244,887 66 0.22 0.275
2020-12-17 Q NMHLY 0.2495 0.25 0.24 0.247 0.005 115,220 39 0.244 0.25
2020-12-16 Q NMHLY 0.245 0.2622 0.24 0.242 -0.00675 205,586 68 0.24 0.28
2020-12-15 Q NMHLY 0.25 0.26 0.24 0.24875 -0.00125 156,321 58 0.2402 0.2596
2020-12-14 Q NMHLY 0.25 0.26 0.245 0.25 -0.007 81,788 39 0.24 0.294
2020-12-11 Q NMHLY 0.26 0.28 0.25 0.257 -0.018 161,320 58 0.221 0.294
2020-12-10 Q NMHLY 0.2494 0.28 0.221 0.275 0.026 293,370 89 0.24 0.294
2020-12-09 Q NMHLY 0.24825 0.253 0.24 0.249 0.0005 161,104 65 0.24 0.26
2020-12-08 Q NMHLY 0.2675 0.2725 0.24 0.2485 -0.0158 589,462 130 0.248 0.26
2020-12-07 Q NMHLY 0.265 0.28 0.26075 0.2643 -0.0007 86,562 43 0.25 0.2915
2020-12-04 Q NMHLY 0.262 0.265 0.25 0.265 0.0005 120,592 50 0.2125 0.265
2020-12-03 Q NMHLY 0.247 0.265 0.247 0.2645 200,208 55 0.26 0.2645
2020-12-02 Q NMHLY 0.25 0.265 0.245 0.2645 0.0145 154,999 68 0.247 0.265
2020-12-01 Q NMHLY 0.26875 0.2805 0.2476 0.25 -0.0175 583,131 159 0.2496 0.2855
2020-11-30 Q NMHLY 0.275 0.2775 0.265 0.2675 -0.00625 126,999 70 0.265 0.27
2020-11-27 Q NMHLY 0.28 0.2855 0.27375 0.27375 -0.00625 109,849 38 0.2125 0.29
2020-11-26 Q NMHLY 0.285 0.285 0.2699 0.28 -0.001 0 0
2020-11-25 Q NMHLY 0.285 0.285 0.2699 0.28 -0.001 510,039 110 0.275 0.28
2020-11-24 Q NMHLY 0.30 0.30 0.278 0.281 -0.009 332,481 81 0.275 0.285
2020-11-23 Q NMHLY 0.29 0.31 0.275 0.29 0.005 197,432 75 0.261 0.30
2020-11-20 Q NMHLY 0.278 0.29 0.2775 0.285 0.006 88,285 39 0.27 0.29
2020-11-19 Q NMHLY 0.29 0.29 0.275 0.279 -0.00795 125,231 51 0.261 0.29
2020-11-18 Q NMHLY 0.30 0.30 0.275 0.28695 -0.00955 485,893 133 0.2775 0.35
well something caught someones attention last 15 minutes. Im not dumping it in to a SS buy eyeballing it Id say from 3.44 to 4 close it wemt from .52 to .60 and 120k traded ion last 3 minutes moving it from .56 to .60 of the 470k traded all day id say at least 100k traded between 3.44 and 3.57 and a 31k trade.
also not high of last few months which was .65 but is the highest close since last april.
something spooked this
20210217 - 148 Trades for U:NMHLY
Time X Price Chg Vol
15:59:57 Q 0.60 0.08 1,000
15:59:45 Q 0.553 0.033 14,000
15:59:31 Q 0.55 0.03 22,500
15:59:22 Q 0.60 0.08 3,000
15:58:53 Q 0.60 0.08 1,000
15:58:06 Q 0.61 0.09 1,000
15:58:04 Q 0.60 0.08 5,000
15:58:01 Q 0.60 0.08 580
15:57:57 Q 0.60 0.08 14,000
15:57:46 Q 0.60 0.08 14,000
15:57:46 Q 0.6005 0.0805 14,000
15:57:46 Q 0.61 0.09 200
15:57:45 Q 0.605 0.085 9,690
15:57:45 Q 0.60 0.08 4,411
15:57:45 Q 0.60 0.08 100
15:57:36 Q 0.60 0.08 5,000
15:57:31 Q 0.60 0.08 450
15:57:30 Q 0.60 0.08 2,000
15:57:29 Q 0.57 0.05 2,550
15:57:29 Q 0.60 0.08 5,500
15:57:11 Q 0.57 0.05 1,000
15:57:07 Q 0.58 0.06 2,100
15:57:04 Q 0.57 0.05 2,000
15:57:00 Q 0.57 0.05 513
15:56:55 Q 0.57 0.05 31,000
15:56:35 Q 0.56 0.04 8,000
15:54:34 Q 0.5605 0.0405 4,000
15:54:13 Q 0.56 0.04 1,350
15:54:05 Q 0.56 0.04 3,931
15:54:04 Q 0.56 0.04 57
15:53:49 Q 0.56 0.04 2,000
15:53:20 Q 0.55 0.03 500
15:53:20 Q 0.55 0.03 1,000
15:53:11 Q 0.55 0.03 7,000
15:53:10 Q 0.55 0.03 15,200
15:52:59 Q 0.54 0.02 1,000
15:52:50 Q 0.54 0.02 1,000
15:52:42 Q 0.535 0.015 200
15:45:09 Q 0.53 0.01 990
15:44:55 Q 0.53 0.01 300
15:44:55 Q 0.53 0.01 100
15:44:52 Q 0.53 0.01 5,000 first upticks of note
15:44:49 Q 0.52 3,000
15:41:11 Q 0.5105 -0.0095 100
15:36:15 Q 0.51 -0.01 15,377
15:35:55 Q 0.51 -0.01 310
15:35:37 Q 0.50 -0.02 9,800
15:34:46 Q 0.49 -0.03 5,000
15:31:27 Q 0.495 -0.025 330
15:19:19 Q 0.495 -0.025 100
15:05:31 Q 0.495 -0.025 1,000
15:03:14 Q 0.49 -0.03 298
15:03:14 Q 0.4905 -0.0295 400
14:59:09 Q 0.49 -0.03 2,100
14:56:49 Q 0.495 -0.025 145
14:44:45 Q 0.49 -0.03 744
14:44:45 Q 0.49 -0.03 2,256
14:39:45 Q 0.50 -0.02 200
14:21:09 Q 0.50 -0.02 500
14:19:35 Q 0.49 -0.03 1,500
14:19:35 Q 0.49 -0.03 5,000
14:19:35 Q 0.49 -0.03 5,000
14:19:34 Q 0.495 -0.025 2,000
14:18:23 Q 0.50 -0.02 9,550
14:18:03 Q 0.495 -0.025 2,450
14:18:02 Q 0.4925 -0.0275 2,000
13:32:59 Q 0.495 -0.025 120
13:31:26 Q 0.4925 -0.0275 50
13:22:51 Q 0.495 -0.025 1,000
13:18:17 Q 0.4925 -0.0275 10
13:17:21 Q 0.4945 -0.0255 20
13:12:57 Q 0.495 -0.025 200
13:12:55 Q 0.495 -0.025 15,000
13:07:36 Q 0.495 -0.025 400
12:44:41 Q 0.4975 -0.0225 1,500
12:44:26 Q 0.495 -0.025 460
12:40:07 Q 0.495 -0.025 18
12:25:51 Q 0.50 -0.02 747
12:25:51 Q 0.49 -0.03 1,000
12:15:22 Q 0.50 -0.02 8,000
12:13:12 Q 0.50 -0.02 150
12:07:24 Q 0.50 -0.02 50
12:00:24 Q 0.49 -0.03 253
11:54:41 Q 0.495 -0.025 420
11:52:17 Q 0.495 -0.025 322
11:47:49 Q 0.50 -0.02 1,000
11:47:49 Q 0.4995 -0.0205 1,000
11:45:20 Q 0.50 -0.02 58
11:44:59 Q 0.50 -0.02 6,299
11:31:02 Q 0.505 -0.015 500
11:29:30 Q 0.49 -0.03 200
11:28:43 Q 0.5185 -0.0015 100
11:28:35 Q 0.49 -0.03 192
11:28:35 Q 0.49 -0.03 108
11:17:27 Q 0.50 -0.02 300
11:17:27 Q 0.505 -0.015 300
11:13:02 Q 0.52 1,000
11:13:02 Q 0.5185 -0.0015 1,923
11:08:26 Q 0.50 -0.02 564
11:08:26 Q 0.5001 -0.0199 990
11:08:26 Q 0.505 -0.015 1,554
11:06:20 Q 0.50 -0.02 47,000
11:06:15 Q 0.49 -0.03 1,139
11:06:06 Q 0.49 -0.03 631
11:06:06 Q 0.49 -0.03 24,261
11:05:47 Q 0.51 -0.01 8,509
11:05:38 Q 0.50 -0.02 5,600
11:05:37 Q 0.51 -0.01 2,500
11:05:24 Q 0.51 -0.01 5,141
11:05:21 Q 0.515 -0.005 2,850
11:04:41 Q 0.52 700
10:51:03 Q 0.515 -0.005 150
10:44:15 Q 0.515 -0.005 7,000
10:30:45 Q 0.52 500
10:21:56 Q 0.52 1,000
10:15:24 Q 0.52 1,000
10:15:24 Q 0.5195 -0.0005 1,000
10:15:05 Q 0.515 -0.005 1,000
10:14:45 Q 0.515 -0.005 1,000
10:11:05 Q 0.515 -0.005 500
10:10:57 Q 0.51 -0.01 1,628
10:08:34 Q 0.5125 -0.0075 50
10:08:07 Q 0.51 -0.01 3,160
10:08:06 Q 0.5125 -0.0075 2,000
10:08:04 Q 0.51 -0.01 2,000
10:06:37 Q 0.515 -0.005 1,000
10:05:05 Q 0.51475 -0.00525 1,000
10:01:11 Q 0.51 -0.01 50
10:00:28 Q 0.51 -0.01 200
10:00:27 Q 0.51 -0.01 2,000
09:57:32 Q 0.51 -0.01 1,000
09:54:55 Q 0.515 -0.005 500
09:53:17 Q 0.52 602
09:50:19 Q 0.515 -0.005 450
09:50:06 Q 0.52 450
09:49:40 Q 0.515 -0.005 13,000
09:49:37 Q 0.515 -0.005 20
09:46:20 Q 0.515 -0.005 119
09:36:12 Q 0.51 -0.01 4,650
09:35:56 Q 0.50 -0.02 350
09:35:56 Q 0.515 -0.005 1,000
09:33:36 Q 0.515 -0.005 270
09:33:17 Q 0.515 -0.005 1,000
09:30:23 Q 0.52 200
09:30:10 Q 0.52 200
09:30:09 Q 0.515 -0.005 375
09:30:05 Q 0.515 -0.005 700
09:30:05 Q 0.5175 -0.0025 100
well I sold a lot of way lower priced crap in 2020 and they all did 10-100 baggers. I added here at 31 a while ago - I am more than happy sitting tight. NOT boring me out of another one lol
Same here. Patience. Our day will come.
Not many people here, but I am in big.
Looking for $5 or possibly even $10.
Just a waiting game.
Hopefully, this will grow steadily and get attention instead of bounce up and then back down again.
late day buying to .61
interesting 100k bid at 60 disappeared about a minute before close
Theses funds will add up fast!!! 6 people with frozen accounts that we know of now.
According to the Financial Times, other people whose assets have been frozen are former CEO Prasanth Manghat, Emirati investors Khalifa al-Muhairi and Saeed al-Qebaisi, and two other executives from the company.
On the operational side, “Our performance in the second-half of the year (2020) was ahead of expectations and shows the strength and diversity of our services across multiple specialties. We entered 2021 with a stable financial position and an operating platform that will enable us to deliver full value to all our stakeholders.
“Given this performance and resilience, we are growing more confident about our business and competitive position.”
All very positive!!! The whole article is a great read thanks
“There is the restructuring team and those dealing directly with the [lender] banks to reveal at the right time,” Davis said.
Dubai: NMC Healthcare, the UAE’s biggest privately owned hospital operator, recorded revenues of $1.121 billion, more or less unchanged from $1.203 billion in 2019.
Even more encouraging, earnings before interest and tax were at $87.6 million, which in a year marked by COVID-19 and all the distractions following the diversion of billions of dollars by the previous management. In 2019, the operator had earnings before tax of $101 million.
It served more than 5 million patients across its network during 2020.
The results will give more strength to securing a longer term future for NMC, which in April last was placed under administration. A strategy is being devised that will see NMC shed some or all of its non-core assets, while trying to retain its status as the leading private healthcare operator in the UAE.
Some of the selling has started, including healthcare assets in Spain. The sale of Eugin - a fertility business headquartered in Spain and with interests elsewhere as well - recorded an enterprise value of 430 million euros.
A YEAR OF HAVOC... AND HOPE
It was early 2020 that the first exits of the previous management, starting with the then CEO Prasanth Manghat. Also caught in the mess was B. R. Shetty, who founded NMC in the mid-1970s.
At the heart of this is what happened to over $4 billion in bank loans that never entered NMC's accounts.
Investigations are still going on in the UAE against senior management and shareholders.
State of investigations
Michael Davis, the CEO of NMC Healthcare, did not reveal the state of investigations against former executives and shareholders, nor the precise nature of the debts that the company owes – all of it handed down as it legacy from the B.R. Shetty-Prasanth Manghat years.
“There is the restructuring team and those dealing directly with the [lender] banks to reveal at the right time,” Davis said.
On the operational side, “Our performance in the second-half of the year (2020) was ahead of expectations and shows the strength and diversity of our services across multiple specialties. We entered 2021 with a stable financial position and an operating platform that will enable us to deliver full value to all our stakeholders.
“Given this performance and resilience, we are growing more confident about our business and competitive position.”
We are treading very lightly in Saudi Arabia - there are some relationship issues. We will do whatever it takes to bring most value for stakeholders
- Michael Davis of NMC Healthcare on plans for a future exit from Saudi joint venture
Return to 2019
“NMC Group in 2021 is expected to be comprised of UAE and Oman as non-core assets will likely be sold,” the administrators from the UK consultancy Alvarez & Marsal said. “UAE and Oman gross revenue is expected to grow by 6 per cent to reach FY 2019 levels.
"The business’ strong COVID-19 recovery experienced in 2020, places it well to ride out whatever comes next, and has cemented our position as the leading private healthcare business in the UAE."
Even a downsized NMC will carry quite a punch. In the UAE, it operates 1,183 beds and in the second-half of last year added to its speciality medical centres.
https://gulfnews.com/business/markets/uae-hospital-operator-nmc-keeps-revenues-and-earnings-in-check-in-toughest-year-ever-1.1612959924999
New promising new on NMC today!
Davis said: “We entered 2021 with a stable financial position and an operating platform that will enable us to deliver full value to all our stakeholders. Given this performance and resilience, we are growing more confident about our business and competitive position.”
https://www.arabianbusiness.com/healthcare/458599-embattled-nmc-healthcare-reveals-6-drop-in-revenues
Wish we had some solid financials to see how close that EPS is to correct. 1.29 x the current industry average puts this stock back at $33 per share value in the event we receive continued debt consolidation and a solid plan on recouping the lost billions as well as news of a relisting. A profitable company would be a positve light at the end of the tunnel. Imho
I agree, hoping it’s cut in half now