(Sharecast News) - Abu Dhabi-based healthcare operator NMC Health reaffirmed its guidance for 2019 and 2020 as it hit back at a damming report by research firm Muddy Waters, insisting that its accusations were "unfounded".
Research firm Muddy Waters, which was founded by renowned short-seller Carson Block, said in a note on Tuesday that it had "serious doubts" about NMC's financial statements, accusing the company of manipulating its balance sheet to understate debt. It highlighted concerns about NMC's asset values, cash balance, reported profits, and reported debt levels.
But NMC said on Wednesday that the accusations made in the report "appear principally unfounded, baseless and misleading" and contain "many errors of fact". The group said it would review the assertions and respond in detail in due course.
"The company has a track record of significant, open and increasingly detailed disclosure to the market, as monitored and reviewed by its entirely independent disclosure committee," it said.
NMC reiterated its broader trading and operational guidance for the business for both 2019 and 2020, as disclosed at the capital markets day in October. It also said it will begin to execute the $200m share buyback programme that was approved by shareholders earlier this month.
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