Two local companies, a sovereign wealth fund and Switzerland-based firm GK Investment are looking to buy a stake in embattled NMC Health.
The names of the companies interested in bidding cannot be revealed as discussions are still ongoing, sources close to the company told The National. NMC officials declined to comment when reached by The National.
Last month NMC said it received "highly preliminary approaches" from private equity firm Kohlberg Kravis Roberts and Kamel Ghibri's GK Investment Holding about a possible offer for the company, but KKR has since ruled itself out of the running.
NMC has been facing cashflow issues which led to delays in payment to some of its staff, but has now been able to pay the majority of its employees, according to a source. The company has yet to pay salaries of 20 per cent of its staff.
“Salaries of 80 per cent of the staff have already been disbursed and the remaining 20 per cent will be paid in the coming days,” the source said.
Nurses, junior doctors, drivers and some company executives are among the staff who have now received salaries. But some doctors and other employees are yet to receive salaries for the month of February.
Employees who spoke to The National last week said salaries were always paid on the 25th of every month and this was the first time they were not paid on time.
"We did not receive any official communication on the delay. It is shocking," said an employee who did not wish to be identified.
The development comes as NMC seeks a standstill on $2 billion (Dh7.34bn) of debt. Last week, the company said it appointed Moelis & Company, PwC and Allen & Overy as independent financial adviser, operational adviser and legal adviser respectively to restructure its debt and boosts its financial position.
NMC's stock has lost two-thirds of its value after short-seller Muddy Waters Research claimed in a report published in December that the healthcare firm had inflated the prices of companies it acquired and manipulated its balance sheet. NMC Health denied the claims and commissioned an independent review by former FBI director Louis Freeh’s company.
NMC temporarily suspended trading of its shares on the LSE in February following the dismissal of top executives from the firm, which owns and manages more than 200 facilities, including hospitals, medical centres, day surgery centres and home health clinics across the UAE, UK, and Europe.
The company removed its chief executive Prasanth Manghat and granted its finance chief extended sick leave at the end of last month. Mr Shetty and former vice-chairman Khalifa Al Muhairi too resigned last month amid concerns that they may have misstated their ownership in the company.
The UK’s Financial Conduct Authority (FCA) is investigating NMC's activities after it was suspended from the LSE.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
