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UAE's NMC Health becomes takeover target; BR Shetty's stake under legal review

Reuters/Dubai
Filed on February 10, 2020 | Last updated on February 10, 2020 at 06.59 pm
nmc health, dubai, br shetty, indian billionaire, nri

(File)

NMC said no discussion has taken place on the terms of any potential offer.

NMC Health said on Monday it has received two preliminary approaches from private equity firms and that the shareholdings of its co-chair and two other major investors were under a review for inaccurate disclosures.

The offers from US-based KKR and GK Investment for the UAE-based healthcare group sent its shares up 11 per cent in early deals and came weeks after it faced a short-selling attack from Muddy Waters.

When BR Shetty received the 10-year UAE visa

NMC said no discussion has taken place on the terms of any potential offer. KKR did not immediately respond to a request for comment, while GK Investment could not be immediately reached.

Separately, NMC said co-chairman BR Shetty and his advisers are reviewing interests held by him and two other major shareholders - Khaleefa Al Muhairi and Saeed Al Qebaisi - for historical inaccuracy. 

Shetty owns 19.22 per cent stake as of May last year, while NMC vice-chair Muhairi and Qebaisi owned 15.82 per cent and 7.66 per cent, respectively, as of January 28, according to Refinitiv data.

I came to the UAE with $8 in my pocket: BR Shetty

Both Muhairi and Qebaisi had sold some shares in NMC and payments firm Finablr early last month.  

Meanwhile, the payments firm, which is also co-chaired by the Indian billionaire, said independent directors are reviewing alleged arrangements between Shetty and other shareholders, which could impact its shareholding structure.

UAE beacon of tolerance: BR Shetty writes in Khaleej Times


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