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

nmc health, dubai, br shetty, indian billionaire, nri

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

By Reuters

Published: Mon 10 Feb 2020, 1:24 PM

Last updated: Wed 12 Feb 2020, 6:43 PM

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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