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MarketScreener Homepage  >  Equities  >  Abu Dhabi Securities Exchange  >  Abu Dhabi Commercial Bank PJSC    ADCB   AEA000201011

ABU DHABI COMMERCIAL BANK PJSC

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NMC Health requests delisting from LSE

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04/27/2020 | 04:30am EDT

Troubled hospital operator NMC Health said on Monday it requested its shares be delisted from the London Stock Exchange after they were suspended two months ago.

Shares in the UAE-based company were suspended two months ago and it was placed into administration this month following an application form one of the company's biggest lenders, Abu Dhabi Commercial Bank.

That move followed NMC revising its debt position to $6.6 billion, well above earlier estimates.

"We are working at pace to ensure continuity of patient care, stability for staff and suppliers and financial security for NMC's operating companies," Richard Fleming, joint administrator of NMC Health and managing director of Alvarez & Marsal, said in a statement on NMC's behalf.

"Delisting shares in NMC Health is the logical next step, given the situation we have inherited."

NMC, which has also faced troubles over the shareholdings of its top investors, was booted from the UK's blue-chip FTSE 100 index last week.

Abu Dhabi Commercial Bank said this month that it had begun criminal proceedings in Abu Dhabi against an unspecified number of individuals in relation to NMC.

NMC is the largest private healthcare provider in the UAE but came under scrutiny late last year when U.S.-based short-seller Muddy Waters criticised its financial statements.

BR Shetty, who founded the company in the mid-1970s, resigned as non-executive chairman and board member in February and said this month he was conducting his own investigations.

The company's lenders and administrators are now in talks over NMC's debt pile.

(Reporting by Shanima A in Bengaluru and Yousef Saba in Dubai; editing by Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI COMMERCIAL BANK PJSC 1.41% 5.05 End-of-day quote.-36.24%
JASON CO., LTD. 6.21% 650 End-of-day quote.78.57%
NMC HEALTH PLC -0.17% 938.4 Delayed Quote.-46.89%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
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Financials
Sales 2020 12 160 M 3 311 M 3 311 M
Net income 2020 608 M 166 M 166 M
Net Debt 2020 - - -
P/E ratio 2020 55,0x
Yield 2020 0,90%
Capitalization 35 103 M 9 557 M 9 557 M
EV / Sales 2019
Capi. / Sales 2020 2,89x
Nbr of Employees 5 000
Free-Float 39,7%
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Number of Analysts 11
Average target price 5,80 AED
Last Close Price 5,05 AED
Spread / Highest target 81,2%
Spread / Average Target 14,9%
Spread / Lowest Target -8,91%
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NameTitle
Ala'a Mohamed Atta Khalil Eraiqat Group Chief Executive Officer & Executive Director
Eissa Mohamed Al-Suwaidi Chairman
Siddiqa Abbas Chief Operating Officer
Deepak Khullar Group Chief Financial Officer
Mohamed Sultan Ghannoum Al-Hameli Vice Chairman
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