UAE hospital operator NMC Health said on Tuesday it had sold its 53 percent stake in the Saudi Medical Care Group.
The statement did not name the buyer, but NMC in 2019 had formed a joint venture medical group in Saudi Arabia with Hassana Investment Co, the investment arm of the General Organization for Social Insurance.
NMC, the largest private healthcare provider in the UAE, is expected to come out of administration this year after its creditors approved a restructuring process last year.
NMC ran into trouble in 2020 after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
UAE’s NMC expects to exit administration, hand over to creditors by end-2021UAE hospital operator NMC reported a 12 percent rise in third-quarter revenue on Monday and said it expected to exit administration and be taken over ... Economy
NMC Healthcare creditors back restructuring, with administration exit nearNMC Healthcare Ltd. said it won approval from creditors for the restructuring process that allows the bulk of the hospital operator’s business to exit ... Economy
UAE’s NMC health begins process to exit administration with future value of $2.25 blnUAE hospital operator NMC said on Wednesday its companies will begin the process of exiting the administration process in Abu Dhabi, creating a new ... Economy