NMC Health requests delisting from London Stock Exchange
Embattled hospital operator NMC Health has requested for its shares to be delisted from the London Stock Exchange after they were suspended two months ago.
Shares in the healthcare operator were suspended in February. It was placed into administration this month following an application from lender Abu Dhabi Commercial Bank.
It came after the hospital operator revised its debt position to $6.6bn, $1.6bn higher than its previous estimate.
“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,” the company said in a statement.
“We are working at pace to ensure continuity of patient care, stability for staff and suppliers and financial security for NMC’s operating companies.
“Delisting shares… is the logical next step, given the situation we have inherited,” added Richard Fleming, joint administrator of NMC Health.
The healthcare operator was plunged into chaos in December after shortseller Muddy Waters questioned its financial statements.
The firm launched an independent investigation into its books and later found major discrepancies. Its founder BR Shetty and chief executive have both now stepped down.
Abu Dhabi Commercial Bank said this month it had begun criminal proceedings in Abu Dhabi against an unspecified number of individuals in relation to NMC.