UAE: Yas Holding expresses interest in NMC distribution business

NMC Health Al Zahra Hospital, Sharjah

Abu Dhabi-based investment group Yas Holding has expressed an interest in buying part of troubled hospital operator NMC’s distribution business.

Three sources reportedly told Reuters of Yas Holding’s interest in NMC Trading, which distributes products including food, pharmaceuticals, medical equipment and consumables.

Alvarez & Marsal were appointed joint administrators of NMC Health in April after US short seller Muddy Waters published a damaging report calling into question the company’s finances and governance.

Since then the hospital operator’s chair, HJ Mark Tompkins, resigned in the same week the company uncovered that its debt had grown to US$6.6bn.

Last week, UK hospital group Aspen Healthcare, which NMC bought from US firm Tenet Healthcare for £10m in 2018, sought a buyer.