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NMC Health plans to sell distribution unit for $300M – Bloomberg

NMC Health PLC is seeking to raise up to $300 million by selling its distribution unit in the United Arab Emirates, Bloomberg reported March 31, citing people close to the matter.

The troubled Middle Eastern company, which owns and manages about 200 healthcare facilities across 19 countries, has been caught up in controversy after short seller Muddy Waters LLC issued warnings in December 2019 regarding its accounting practices.

The unit, NMC Trading, has over 1,700 employees and is the exclusive distributor in the UAE of products by Sanofi, Pfizer Inc., Medtronic PLC, Unilever PLC, Nestlé SA and a range of other pharmaceutical, medical equipment, food and educational material manufacturers.

NMC is in talks with an adviser to assess buyer interest, the Bloomberg report said. Discussions are still in the early stages and there is no guarantee the sale will go ahead, the report added.

Many of NMC's senior figures have departed the company this year, including CFO Prasanth Shenoy, CEO and director Prasanth Manghat and founder Bavaguthu Raghuram Shetty.