Emerging reports suggest that Abu Dhabi based investment group Yas Holding is looking to buy a portion of the biggest private provider of healthcare in the UAE, NMC Health’s distribution business.
The news comes as a major relief to the struggling hospital chain which has been the center point in a scandal involving its founder Mr. B. R. Shetty. NMC had appointed administrators from Alvarez & Marsal in April to oversee the organization after months of turmoil over its finances, who immediately launched the sales processes for NMC’s assets, which included the company’s international fertility business, to raise funds and pay back creditors.
NMC Trading which distributes a wide range of products including food, pharmaceuticals, medical equipment and consumables is reportedly split into six units with two of them making up close to 70% of the business.
Yas Holding has reportedly has shown interest to buy one of the two and has already signed a purchase agreement for the deal, which is subject to approvals from the NMC creditors.
NMC Health, one of the largest private healthcare providers in the UAE faced troubles from December when investment research firm Muddy Waters raised concerns over the company’s financial statements.
The organization is currently operating its entities unaffected after the appointment of administrators in April as services continued.
According to its website, Yas Holding is a business development and investment company that is active in sectors including technology, agriculture, healthcare, education and aviation.