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NMC Health Shareholders Dump 15% Holding To Pay Off Debts

Wed, 08th Jan 2020 08:45

(Alliance News) - Shares in FTSE 100 healthcare firm NMC Health PLC slumped on Wednesday as Credit Suisse Group AG confirmed two shareholders have sold off 15% of the company.

After the London market close on Tuesday, Credit Suisse said Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi and Khaleefa Butti Omair Yousif Ahmed Al Muhairi were to sell shares worth around USD490 million in NMC.

This was to reduce their own debts, Credit Suisse said.

On Wednesday, it confirmed Al Qebaisi and Al Muhairi have sold a combined 31.2 million shares in NMC, a 15% stake. The shares were sold at 1,200 pence each, netting them USD493 million.

Following the sale, Al Muhairi will own just short of 13% of NMC's shares. Al Qebaisi will own 4.7%. However, they will both have an additional 7% combined through a separate investment vehicle.

NMC shares were 14% lower on Wednesday morning in London at 1,280.00p. The share price has crashed since short-seller Muddy Waters made a number of allegations against NMC, including doubts over the accuracy of financial statements and the true level of its debt.

By George Collard; georgecollard@alliancenews.com