Troubled UAE hospital operator NMC Health said on Tuesday its debt pile now stood at $6.6 billion, much higher than earlier estimates, and that it has appointed a former PwC partner as chief restructuring officer to tackle the problem.
The company, which has been in crisis since US firm Muddy Waters’ short attack, revised its debt position from $5 billion earlier in March, and named Matthew J. Wilde as chief restructuring officer.
“We are certain that his expertise and experience will bring significant benefit to the Group as NMC develops a plan to address the Group’s financial indebtedness,” NMC said.
Wilde has been involved in many major restructurings in the Middle East region in recent years including DubaiWorld, DryDocks World, Carillion, Al Jaber Group and OW Bunker, NMC said.
NMC’s stock price had dwindled in value before being placed on suspension since Muddy Waters questioned its financial statements in December. Following which, NMC’s founder BR Shetty stepped down from the board last month.
There are concerns that Shetty’s financial troubles could be spreading to other companies he is associated with, including payments group Finablr, which he helped found in 2018.
There are cheques that could go up to $50 million, which may have been used as security for financing arrangements for the benefit of third parties, NMC said as it announced the departure of finance chief Prasanth Shenoy after a period of extended leave for ill health.
On the coronavirus outbreak, NMC said it has taken steps to meet the health and safety needs of the community.
UAE-based NMC Health’s debt up at $6.6 billion
https://arab.news/5vwhf
UAE-based NMC Health’s debt up at $6.6 billion
- The company revised its debt position from $5 billion earlier in March
- Concerns that founder BR Shetty’s financial troubles could be spreading to other companies he is associated with
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
