NMC Health to be delisted from London Stock Exchange

  DUBAI – Controversy-hit healthcare provider NMC Health has asked the London Stock Exchange to delist its shares “as soon as possible”. NMC Health, which was founded by Indian billionaire BR Shetty, has seen its stock plunge before it was suspended from trading at the end of February amid allegations of fraud. It was later revealed that NCM Health underreported its total debt, which was around $6.6 billion instead of the $5 billion it declared. In a statement to the London Stock Exchange on Monday (April 27), NMC Health said: “Continued listing of the shares in NMC Health incurs significant cost and adds complexity in a situation where decisions need to be made quickly in partnership with the group's stakeholders. Against this backdrop, the administrators have concluded that delisting NMC Health's shares is appropriate.” NMC Health is also expected to be removed from the FTSE index on Monday. Its hospitals, medical centres and other operations in the group continue to operate under existing management. Meanwhile, the Central Bank of the UAE has ordered financial institutions in the country to freeze all bank accounts of Shetty, his family members and companies where he holds a stake. Several companies linked to Shetty have reportedly been blacklisted. The businessman is currently in India. ICA/Expat Media https://www.expatmedia.net/uae-exchange-suspends-new-transactions/2020/03/ https://www.expatmedia.net/uae-exchange-eyes-insolvency-uae-central-bank-steps-delayed-remittances/2020/03/ https://www.expatmedia.net/worlds-top-billionaires-6-countries-named/2020/03/ https://www.expatmedia.net/3-uae-named-among-worlds-richest-billionaires-202/2020/03/
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