(Alliance News) - NMC Health PLC on Monday said it has requested that its shares be cancelled from trading on the main market of the London Stock Exchange.
The UAE-focused private hospital operator - which was placed into administration earlier in April - said it has requested that cancellation be implemented as soon as possible.
"We are working at pace to ensure continuity of patient care, stability for staff and suppliers and financial security for NMC's operating companies. Delisting shares in NMC Health is the logical next step, given the situation we have inherited," said Richard Fleming, managing director of Alvarez & Marsal Europe LLP.
Alvarez & Marsal were appointed as administrators to the former FTSE 100 constituent by the High Court of England & Wales last Thursday following an application by NMC Health creditor Abu Dhabi Commercial Bank PJSC.
An independent review of NMC finances found evidence of fraud. Back in March, NMC had estimated its debts were around USD5.0 billion. Since then, another USD1.5 billion in debt was uncovered.
Shares in NMC Health are suspended from trading in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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