8 Apr 2020 15:09
8 April 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NMC Health plc
(the "Company" or "NMC")
Statement regarding administration application by Abu Dhabi Commercial Bank
The Company refers to its announcement on 6 April 2020 concerning the application by Abu Dhabi Commercial Bank PJSC ("ADCB") for the appointment of administrators in respect of the Company at a hearing scheduled for 9 April 2020.
The Board has written to the Court indicating that, notwithstanding strenuous efforts to address Creditors' concerns, it has not been able to secure their alignment and support and has been advised by its counsel that it is not in a position to oppose the application successfully. Accordingly, it expects the Company to be placed into administration in due course.
The individual responsible for releasing this announcement is Simon Watkins, Group Company Secretary.
Enquiries:
NMC Health plc |
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Asjad Yahya, Head of Investor Relations | +971 (0) 56 219 0975
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FTI Consulting LLP |
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Edward Bridges / Simon Conway / Victoria Foster Mitchell | +44 (0)20 3727 1000 |
Shane Dolan | +971 (0)4 437 2100 |
About NMC Health
NMC is one of the leading private healthcare operators in the Gulf Cooperation Council ("GCC") with an international network of multi-specialty inpatient and outpatient clinics and hospitals, specialized maternity and fertility clinics, and long-term care homes hospitals across nineteen countries. NMC also ranks as one of the top two in-vitro fertilisation operators globally. The NMC Health group is recognised as a leading provider of long-term medical care in the UAE through its subsidiary ProVita. Pursing a selective international expansion programme since 2016, NMC has total capacity of 2,207 licensed beds across its network. Moreover, the recent formation of a joint venture with GOSI/Hassana Investment Company provides a solid platform for continued growth in the GCC region's largest healthcare market. The NMC Health group treated over 7.5 million patients in 2018. The NMC Health group is also a leading UAE supplier of products and consumables coming from healthcare related products. NMC reported revenues of US$2.1 billion for the year ended 31 December 2018.
In April 2012, NMC was listed on the Premium Segment of the London Stock Exchange.