(MENAFN- Khaleej Times)
NMC Healthcare group, a leading private healthcare provider in the UAE, said on Wednesday that it is exploring strategic restructuring initiatives, including a potential initial public offering (IPO) and a sale of the business.
The healthcare group, which was founded by Indian entrepreneur B.R. Shetty in 1975, and placed in administration in 2020 after it disclosed more than $4.4 billion in debt, said in a statement it has appointed Rothschild & Co. to advise on the new initiatives. A second financial advisor will be appointed in due course.
While the review of strategic alternatives is conducted, Rothschild & Co will also respond to market enquiries on behalf of NMC Healthcare, it said.
The selection of the joint financial advisors is a continuation of several strategic milestones achieved since March 2022, which marked the completion of the restructuring of NMC, said the statement.
These milestones include the restructuring of NMC and subsequent exit from administration of NMC's 34 core operating companies following a formal restructuring process overseen by the Abu Dhabi Global Market (ADGM) courts, and in accordance with the ADGM's insolvency regulations.
Another milestone is the appointment of a new Board of Directors, and the appointment of new executive and group leadership teams led by CEO and regional healthcare leader, David Hadley, to support NMC to pursue growth opportunities.
The company has appointed PricewaterhouseCoopers Limited Partnership as its auditor.
As recently as March 2024, the group signed an out of court settlement with Dubai Islamic Bank to resolve all litigation between them and those related to third parties worldwide.
Hadley said the group is pleased to explore strategic alternatives at an exciting time in the UAE.“The market is witnessing rapid population growth and presents an attractive opportunity to provide high quality medical services across diverse and changing demographics. We are committed to delivering continued value to our stakeholders and the millions of patients we serve every year.”
NMC operates of 85 hospitals, specialty clinics and medical facilities under the NMC, ProVita International Medical Centre, CosmeSurge, and Fakih IVF Fertility Centre brands. NMC's 12,000 employees serve in excess of 5.5 million patients annually
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