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TIMELINE-NMC Health's expansion and ailments


TIMELINE-NMC Health's expansion and ailments

NMC Health is still trying to unravel details of the holdings of its top investors, it said on Friday after announcing that one of its controlling shareholders had resigned from the board.

NMC is the largest private healthcare company in the United Arab Emirates and operates a network of clinics and hospitals, specialised maternity and fertility clinics, and long-term care homes and hospitals across 19 countries. A bruising short-selling attack by Muddy Waters launched two months ago has seen the company's market value fall to 1.5 billion pounds ($1.9 billion), a far cry from its peak value of about 8.4 billion pounds in August 2018.

Here is a timeline of events leading up to Monday's announcement: 1975

Bavaguthu Raghuram (BR) Shetty establishes New Medical Centre (NMC), the first private healthcare facility in UAE. 2012

NMC becomes the first company from Abu Dhabi to join https://www.reuters.com/article/nmc-ipo-idUSL6E8F20I720120402 the London Stock Exchange. 2015

NMC bids for regional rival Al Noor Hospitals Group, sparking a race with South Africa's Mediclinic, before eventually pulling out over valuation concerns. 2017

NMC is promoted to the blue chip FTSE 100 index. 2018

NMC raises $2 billion for general corporate purposes and for the refinancing of existing debt, sources say https://www.reuters.com/article/nmc-health-loan/rpt-uae-healthcare-provider-nmc-raises-2-billion-loan-sources-idUSL8N1RA0RH. 2019

October NMC guides for double-digit revenue and core earnings growth in 2020.

Dec. 17 U.S. short-selling firm Muddy Waters, founded by American Carson Block, acquires a short position in NMC, criticising the healthcare group's financial statements and wiping a third off the value of the company's share price.

Dec. 18 NMC stands by its forecasts for 2019 and 2020 and announces a share buyback.

Dec. 19 NMC calls the Muddy Waters report criticising the healthcare group's financial statements "false and misleading".

Dec. 23 NMC calls for an independent review of its finances.

2020 Jan. 8

Two major shareholders launch a discounted share sale in NMC worth 375 million pounds. Jan. 17

Independent review committee hires FBI ex-boss Louis Freeh. Feb. 4

NMC says 2019 trading is in line with expectations. Feb. 10

NMC discloses preliminary buyout approaches from private equity firms KKR and GK Investment, and says co-chair and founder Shetty had stepped back from its board after informing the group of potentially inaccurate reporting of his holdings. Feb. 11

KKR says it does not intend to make an offer for NMC, but Italian-backed GKSD Investment Holding confirms it could bid. Feb. 12

S&P places NMC on creditwatch negative due to governance deficiencies. Feb. 13

Moody's places ratings under review for downgrade. Feb. 14

NMC says its vice chairman is stepping down from the board. Source: Company website, reports, Refinitiv data ($1 = 0.7734 pounds)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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