25 Feb 2014 07:02
NMC Health Plc - Board Changes
London, 25 February 2014: NMC Health Plc ("NMC" or the "Company") (LSE:NMC), the leading independent healthcare provider operating across the United Arab Emirates, announces the following changes to the Board of NMC, all of which are effective from 24 February 2014.
His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi has decided to step down as a Director of the Company in view of the heavy demands on his time. As an incidental result of this decision, the appointment of Mr Keyur Nagori as an Alternate Director to His Excellency also ceases with effect from the same date.
Under the terms of the Relationship Agreement between the principal shareholders of NMC and the Company dated 2 April 2012, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi has nominated Mr Abdulrahman Basaddiq to be a Director of the Company. Following the nomination by His Excellency, the Board of the Company has appointed Mr Abdulrahman Basaddiq as a Director of the Company.
Mr Basaddiq is a fellow of the Institute of Chartered Accountants in England & Wales (FCA) and a licensed auditor and consultant in the UAE. He trained and qualified as a chartered accountant with Ernst & Young, London and spent over 25 years with Ernst & Young in the UK and the GCC, 15 of those as an equity partner. During his period at Ernst & Young, Abdulrahman served as the Managing Partner of their Riyadh and Abu Dhabi offices, in addition to responsibilities as UAE Country partner in charge.
During his tenure in Riyadh, he oversaw the development and implementation of the only Saudisation program within the profession in the Kingdom at the time. He also served as an elected member of the firm's executive committee for some eight years, in addition to serving on the human resources committee for a number of years.
Mr Basaddiq spent over 12 years with a number of Gulf based diversified groups across multiple jurisdictions and sectors including healthcare, global public and private equities, venture capital, real estate investment, development and construction, steel trading and fabrication, in addition to food manufacturing, retail and packaging. He also spent over five years serving on two audit committees, chairing one of them., in addition to oversight responsibilities in the development of audit committees and the related internal audit functions of other entities, which have grown in size and complexity, to comply with the ever increasing governance and other regulatory demands.
There is no additional information in respect of Mr Basaddiq which is required to be notified for the purpose of Listing Rule 9.6.13.
Mark Tompkins, Chairman of NMC Health commented:
'The Board would like to thank His Excellency most sincerely for his very significant contribution to the growth of the Company since its flotation in April 2012. He helped steer NMC Health through its initial public offering, the first UAE business to list on the premium segment of the London Stock Exchange, and through its first phase of growth on the public markets. Whilst regretting the departure of His Excellency from the Board, I would like to warmly welcome Mr Basaddiq to the Board and look forward very much to working with him in the future. He brings to the Board a profound knowledge of the UAE and very impressive professional skills and achievements.'
Contacts
Investors:
Roy Cherry, Head of Strategy and Investor Relations +971 50 667 0184
Media:
Brunswick UK
Justine McIlroy/Azadeh Varzi
+44 20 7404 5959
Brunswick Gulf
Steve Martin Wajih Halawa
+971 5 6696 9232 +971 5 0100 9207
About NMC
NMC Health plc group is the leading integrated private sector healthcare operator in the United Arab Emirates, with a nation-wide network of hospitals and operations in the country since 1975. The Healthcare Division currently operates or manages five hospitals, two day-care patient centres, one medical centre and eight pharmacies. The company received 2.1m patients in 2013. The group also operates a significant UAE wide Distribution business supplying product lines across several key market segments, including: Pharmaceutical, FMCG, Food and Scientific and Medical Equipment. NMC Health plc group reported revenues of US$ 550.9m in 2013.
In April 2012 NMC Health plc was listed on the Premium Segment of the London Stock Exchange. At the time of its IPO, the group raised funds to enable it to pursue a further growth plan with a number of capital projects for new healthcare facilities in Abu Dhabi and Dubai. NMC Health plc is a constituent of the FTSE 250 Index.