The total debt of NMC Medical Group was $ 6.6 billion, but the disclosure of this number is due to a small amount check compared to the size of the debt.


According to ArabiaNet, the company’s debt jumped from $ 2.7 billion, according to the company’s announcement at the end of 2019, to $ 5 billion, according to what was announced on March 10, jumping according to the group’s announcement after that and on March 24 to $ 6.6 billion.


MCC, the UAE’s largest private healthcare provider, is listed in London on the FTSE 100 leading stock index, but is under mounting pressure after shareholder Maddy Waters raised doubts about its financial condition, prompting major investors to exit and push the stock price down, before Trading on the stock has been suspended by the end of February, imposing jurisdiction on April 9, and the dismissal of the members of the Board of Directors.


The beginning was when the group defaulted on the payments due to First Abu Dhabi Bank, which was the reason for the sharp sell-off of shares of the group listed in London last February.


Abu Dhabi Bank’s first request for immediate payment of $ 20 million has added to the pressure on the group, which has been under scrutiny since the release of the US Madi Waters report on December 17th.


On February 3, First Abu Dhabi Bank wrote to several NMC companies, the group's founder, BR Shetty, and all guarantors of a loan the group received in 2018 to inform them not to pay about $ 20 million in installments in the second half of January, according to documents seen by the British Financial Times. .


The bank required the group to pay immediately as the group's operators were struggling to raise funds to meet February's obligations on time.


On the same day, First Abu Dhabi Bank started selling shares of approximately $ 145 million, in the name of 100% BR Shee Investments, a subsidiary of BRS International Holdings.


Over the next four days, First Abu Dhabi Bank sold 10.9 million shares in NMC held by BRS.


Eliminating these shares represents a large portion of the group's stock size that was sold during that week, and the stock continued to decline.


NMC said on February 4 that it does not know any specific reason for the stock's decline. The group disclosed its first Abu Dhabi stock sales on February 18.


First Abu Dhabi Bank has since stated that it has reduced its exposure to NMC debt to zero, while other lenders have large loans outstanding on the group.


NMC owes about a billion dollars to Abu Dhabi Commercial Bank, which last week succeeded in requesting that the London-listed company be placed under legal guardianship.

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