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The Urgency To Find Cash For Salaries Adds To The Pressure On NMC
The Urgency To Find Cash For Salaries Adds To The Pressure On NMC
Coming in the middle of the global coronavirus outbreak, the need to keep medical facilities
The UAE authorities are known to be concerned with the NMC situation, and are believed to
be considering financial intervention to help the company keep going. Creditor banks are also
repayment terms.
NMC’s current financial problems began in December when a report from US activist
Its shares lost 70 per cent in value before they were suspended on the LSE, wiping billions of
In a related development, the LSE said it would be removing NMC from the FTSE 100 list of
leading companies when trading in the shares eventually resumes because it had fallen below
NMC was regarded as one of the great success stories from the UAE, having been founded in
1973 by entrepreneur BR Shetty, who is believed to have recently traveled on urgent family
Its problems were compounded when Shetty and two Emirati backers — Khaleefa Butti
Omair Al-Muhairi and Saeed Mohammed Butti Mohamed Khalfan Al-Qebaisi — were found
Drawbacks of NMC