INSUBCONTINENT EXCLUSIVE:
By Archana NarayananAfter seeing its market value soar to more than $10 billion less than two years ago, NMC Health Plc is now struggling to
Shares in the firm and one of its sister companies have slumped.
The accusations in a Dec
shares a day, from around 560,000 in the preceding three months
Its share price has fallen 24 per cent this year to 13.48 pounds.
What are the allegations against NMC?Insufficient disclosure of
NMC also appears to have paid too much for a stake in Premier Care Home Medical and Health Care LLC, based in the same city, the report
says shows that a number of hedge funds acted together to bring down the share price
rattling investors?Emirates NBD PJSC sold 1.04 per cent of NMC last week at a price of 14.04 pounds
The proceeds will be used to repay a loan taken on by Infinite Investment LLC
Earlier this month, two major shareholders offloaded nearly $500 million worth of stock at below the market price
Abraaj Group, which investors accused of extensive corporate governance failures
NMC is the only FTSE 100 company from the Middle East -- and now the smallest member by market value
His holdings have taken a hit since the Muddy Waters report
He created Finablr in 2018 to consolidate his payments and money-trading brands such as Travelex Holdings Ltd
and the UAE Exchange Centre LLC
The holding company, which was listed in London in May, has seen its shares crash 44 per cent in 2020, while a cyberattack has rocked
Travelex.
Is there any upside?NMC has re-affirmed its 2019 and 2020 forecasts and many analysts covering it still have a buy rating
Investors like The Capital Group Companies and Krupa Global Investments have boosted their stakes in the company.
