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NMC Health stocks start to recover after company says it will start review

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NMC Health stocks start to recover after company says it will start review

NMC Health PLC's stock price started to recover after the Middle Eastern company said it will start an independent third-party review of its business.

The healthcare services provider, which owns and manages about 200 healthcare facilities across 19 countries, said the third-party review will be done by an undisclosed accounting firm and be overseen by a committee comprising independent nonexecutive directors of the company.

The move comes in response to a report by U.S. short-selling firm Muddy Waters LLC last week, accusing the company of a number of deficiencies. In its report, Muddy Waters highlighted possible overpayment for acquisitions, inflated margins and understated debt, along with instances of poor corporate governance at NMC Health.

NMC Health saw a decline of £1.8 billion in market value following the release of the Muddy Waters report.

London-listed NMC Health called Muddy Waters' report "false and mis-leading," and gave details of its business dealings and rationale behind its finances in an earlier response to the short-selling firm.

The company's stock price also started trading up, with a 34.72% increase to £1.752 per share as of 2:11 p.m. London time Dec. 23.