Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Mishal Kanoo offers to join NMC board to help struggling healthcare provider
The chairman of one of the largest family owned groups in the Gulf region has offered to join the board of struggling UAE healthcare provider NMC Health, which is facing an investigation by the UK’s Financial Conduct Authority over allegations of fraud.
Dubai-based Bahraini billionaire Mishal Kanoo said on Twitter he supports the company’s efforts in developing healthcare in the UAE.
“Hi @NMCHealthcare I believe in what you are doing in the healthcare sector in the #uae. If you are looking for a board member who believes in you, consider me for the job,” he said.
Support
Kanoo told Arabian Business the financial concerns surrounding the UAE’s largest healthcare provider are linked to ownership, and urged investors to support the company.
“Considering that most of the issues are to do with ownership and not operation, why would we not support a medical centre that has done a lot of good within the UAE?” he said.
NMC was founded in the 1970s in Abu Dhabi by Indian billionaire Bavaguthu Raghuram Shetty, becoming the first company in the capital to list in London with a peaked market cap at over $10 billion. But trouble at the healthcare provider began in December last year when short-seller Muddy Waters released a report alleging financial irregularities in the company, which it strongly denied, commissioning an independent review in January led by former FBI Director Louis Freeh.
However interim findings last week found more financial liabilities and led the company to fire its CEO Prasanth Manghat, and on Thursday it said its shares on the London bourse had been suspended, with their worth having dropped to just $2.5 billion.
Lifeline?
In positive news for the once prominent healthcare provider, Bloomberg revealed $229bn Abu Dhabi wealth fund Mubadala Investment Company is considering a potential investment in NMC Health, having held early discussions to look at a range of options including buying a stake and taking a board seat.
GKSD Investment Holding, which is linked to Italy’s largest private hospital operator, is also seeking to partner with Mubadala Investment Co to bid for NMC Health, which has meanwhile hired global independent investment bank Moelis & Co to advise on debt restructuring, according to Reuters.