|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||5.0000 - 5.0000|
|52-week range||0.1000 - 3,059.0000|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||0.04|
|Earnings date||27 Apr 2020 - 01 May 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||54.44|
The founder of the collapsed NMC Health group has had his assets in India frozen, as one of the country’s largest banks seeks to recover more than $250m in outstanding loans. An Indian court has restricted BR Shetty and his wife from selling or encumbering properties claimed as partial security against debts that Bank of Baroda said are personally guaranteed by the entrepreneur. The May 16 freezing order, seen by the Financial Times, is the first step in the bank’s attempts to recover loans made to NMC and to other firms with links to Mr Shetty, including Finablr, which owns the Travelex chain of foreign exchange shops.
(Bloomberg) -- NMC Health Plc’s administrators have started selling off assets of the troubled Middle Eastern hospital operator as they seek funds to pay back creditors, people with knowledge of the matter said.Officials overseeing the process at restructuring specialist Alvarez & Marsal Inc. have invited bids for NMC’s distribution business, according to the people, who asked not to be identified because the information is private. Potential acquirers have been asked to submit offers this month, the people said.Administrators are planning to start a sale process for Abu Dhabi-based NMC’s lucrative fertility business as soon as June or July, the people said. They are considering eventually selling most of the company’s assets, potentially including the flagship hospital business, which is the biggest private health-care provider in the Middle East, the people said.The moves mark the official beginning of the dismantling of NMC, once a member of London’s elite FTSE 100 index with a market value as high as $11 billion. NMC started unraveling in recent months after unearthing previously undisclosed debt and evidence of fraud, leading to the dismissal of top executives. Its downfall has roped in lenders including Barclays Plc, Standard Chartered Plc and the biggest banks in the United Arab Emirates.Quick ProcessThe administrators are moving fast, asking suitors to size up the distribution business and submit proposals in a matter of days, the people said. No final decisions have been made, and there’s no certainty the discussions will lead to a transaction, they said.A representative for NMC said the company is in the process of exploring “various options” for its distribution business, NMC Trading, “which it has determined to be non-core.”“The management team’s priority is to stabilize the business and ensure continuity of care at its hospitals and medical centers,” the representative said in a statement. “The group’s distribution business is separate from its main hospital and medical centers business in the UAE.”The U.K.’s Financial Reporting Council last week said it opened an investigation into Ernst & Young LLP’s auditing of NMC’s 2018 financial statements. The probe started April 15 and could result in sanctions such as fines.Medical Equipment NMC Trading distributes products including Nestle SA food and beverages, Pfizer Inc. medicine and Unilever Plc personal-care products across the U.A.E. It also markets foreign brands of medical equipment, educational materials, office supplies and veterinary products in the country.The business employs more than 1,700 people and distributes products to more than 10,000 points of sale including hypermarkets, gas stations and hospitals, according to information displayed on its website in March. The site was inaccessible as of Tuesday.(Updates with details in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of a deadline to file a lead plaintiff motion in a securities class action has been filed on behalf of investors that purchased or acquired the securities of NMC Health PLC ("NMC Health" or the "Company") ( OTC BB: NMHLY) between March 13, 2016 and March 10, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of NMC Health Plc (OTC: NMHLY) between March 13, 2016 and March 10, 2020, inclusive (the "Class Period"), of the important May 11, 2020 lead plaintiff deadline in the securities class action first filed by the firm. The lawsuit seeks to recover damages for NMC investors under the federal securities laws.
(Bloomberg) -- Problem loans at some of Standard Chartered Plc’s large clients may top $600 million as a string of corporate scandals coincides with woes at firms hit by the coronavirus pandemic.NMC Health Plc, the hospital operator that’s uncovered evidence of fraud, and Hin Leong Trading (Pte.), the Singaporean trading house being investigated by police, represent nearly $500 million of lending for Standard Chartered, according to public filings. Separately, a South African farm bank that the London-based company lends to has defaulted on some of its debt.Loan-loss provisions have dominated banks’ earnings reports this quarter. With lockdowns in response to the pandemic devastating entire industries, lenders are bracing for a spike in corporate defaults and restructurings.The exposures to problem companies are unlikely to lead to complete write-offs of the loans. However, in the case of Hin Leong, Standard Chartered and other banks may only get back 18 cents on every dollar lent, according to affidavits.Standard Chartered is likely to have taken steps to minimize its loan losses, including buying credit insurance and using government guarantees to cut its exposure.The bank learned the hard way what happens when a lender gets this wrong; between 2014 and 2016, StanChart was hit by a spike in problem loans, particularly those related to commodities. That prompted Chief Executive Officer Bill Winters to implement a more cautious approach to corporate lending.Hin Leong and the other exposures only represent some of the highest-profile loans that could cause trouble for banks as pressures from the pandemic ripple through the financial system. While problems from the Singaporean firm will be maneagable, banks are likely to be hit by loans to energy producers going sour due to the oil crash, analysts at Bloomberg Intelligence said in a report published Friday.Although headquartered in London, Standard Chartered makes its money largely from doing business with companies and individuals across Asia, Africa and the Middle East -- where the bulk of its operations and staff are also based. Together, the three regions account for nearly 70% of the bank’s assets, according to data compiled by Bloomberg.Standard Chartered is among several banks facing losses related to Abu Dhabi-based NMC. A committee has already been set up to restructure the hospital operator’s $6.6 billion debt pile; other lenders on the hook include Barclays Plc and HSBC Holdings Plc.More recently, the implosion of secretive Singapore trading house Hin Leong as oil prices cratered has left banks attempting to claw back nearly $4 billion in loans. Standard Chartered accounts for about $240 million of that total; HSBC is the biggest creditor, with a $600 million exposure.Land and Agricultural Development Bank of South Africa, a state-owned provider of finance to the farming sector, missed a loan repayment this week. That triggered a default event, and the nation’s government is considering a bailout. Standard Chartered co-led a loan to the company, and $247 million remains outstanding, according to Bloomberg data. The development bank has said it’s suffering a liquidity shortfall and may need to postpone future financial obligations.A spokeswoman for Standard Chartered declined to comment.(Updates in fifth paragraph with details of credit-loss mitigation)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Sculptor Capital Management Inc. and Farallon Capital Management LLC are among top distressed debt investors preparing for restructuring talks involving NMC Health Plc, the hospital operator whose collapse has entangled global and regional banks.Redwood Capital Management LLC and Silver Point Capital LP are also among bondholders, according to people with knowledge of the matter. Distressed investors typically buy the debt of troubled companies at a discount, with the aim of making a return from its turnaround.NMC started unraveling in December, when short seller Muddy Waters Capital LLC alleged it overpaid for assets and understated debt. The company has since had its shares suspended on the London Stock Exchange, fired its chief executive officer, sought a debt standstill, and uncovered evidence of fraud. Its demise has roped in lenders including Barclays Plc, Standard Chartered Plc and the biggest banks in the United Arab Emirates.Investors in the company’s convertible bonds and sukuk have formed a committee to negotiate with the administrators of NMC and are being advised by law firm Weil Gotshal & Manges LLP, the people said, asking not to be identified because the information is private. Bank lenders have already formed a coordinating committee to restructure NMC’s $6.6 billion of debt.NMC’s fall from a $10 billion company would have been the cue for the likes of distressed investors like Sculptor -- the former Och-Ziff hedge fund business with $35 billion in assets -- and Farallon, the $29 billion investor founded by billionaire Tom Steyer, who in March pulled out of the Democratic presidential race. Silver Point has a $1.5 billion private-equity distressed fund started in 2019 and another $854 million fund launched in 2016.PJT Partners Inc. and Dubai-based deNovo Corporate Advisors are jointly acting as financial advisers to the debt group, the people said. Some investors aren’t lobbying for formal representation on the committee due to their small exposure, according to the people.Representatives for Farallon, Sculptor, Silver Point, deNovo and PJT declined to comment. Redwood Chief Executive Officer Ruben Kliksberg, who replaced junk bond veteran Jonathan Kolatch after he retired last year, didn’t immediately respond to an email seeking comment. Weil didn’t return a call and an email seeking comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shareholder rights law firm Robbins LLP announces that it is investigating NMC Health Plc (OTC: NMHLY) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. NMC provides healthcare services in the United Arab Emirates, the United Kingdom, Spain, and internationally.
(Bloomberg) -- Emerging-market stocks and currencies resumed losses last week as the relentless spread of the coronavirus fueled concern over the damage being done to the global economy. Record unemployment claims in the U.S. gave investors a sense of how big the impact will be as analysts slashed growth forecasts for emerging markets from Indonesia to Mexico. Oil prices rebounded, providing a brief relief for crude exporters.The following is a roundup of emerging-market news and highlights for the week ending April 5.Read here our emerging-market weekly preview, and listen here to our weekly podcast.Highlights:Faced with projections that as many as 240,000 Americans will die from coronavirus, President Donald Trump largely abandoned his optimistic tone, telling the U.S. on Tuesday to brace for one of its toughest stretches as a nationThe Federal Reserve is acting as central banker to the world by seeking to provide the global financial system with the dollar liquidity it needs to avoid seizing up. In its latest measure to combat the economic fallout from the coronavirus, the Fed said Tuesday it was establishing a repurchase agreement facility to allow foreign central banks to swap any Treasury securities they hold for cashThe OPEC+ oil cartel is pressing to form a global coalition to cut output and stem the historic rout in crude pricesOPEC+ delayed a meeting aimed at ending the oil price war, as Riyadh and Moscow trade barbs about who’s to blame for the collapse in oil pricesU.S. employment plummeted last month by a degree not seen since the last recession and jobless claims soared to a recordChina’s central bank cut the interest rate it charges on loans to banks by the most since 2015 as authorities ramp up their response to the coronavirus pandemic. Singapore’s central bank took unprecedented easing steps to support a trade-reliant economy by lowering the midpoint of the currency band and reduced the slope to zeroChina is moving forward with plans to buy oil for its emergency reserves after a price crash, according to people with knowledge of the matterCentral banks from Seoul to Oslo have taken advantage of the Fed’s recently expanded foreign-exchange swap line facilities, although the Bank of Japan and European Central Bank continue to be the largest users of the facilityThe White House and congressional Democrats are preparing for a fourth round of economic stimulus to get the U.S. through the coronavirus outbreak, even while they’re still arguing over the $2 trillion measure Trump signedChina concealed the extent of the coronavirus outbreak in the country, under-reporting total cases and deaths, the U.S. intelligence community concluded in a classified report, according to three U.S. officials. China rejected the claimsAsia’s factories contracted further in March as the coronavirus wreaked havoc on supply chains. China was the standout, with a private survey showing an improvement in manufacturing in line with the government’s official measureThree of the biggest Arab economies buckled in March after transportation seized up and hundreds of thousands of businesses shut down to slow the spread of the coronavirus.Saudi Arabia made good on its pledge to ramp up oil exports in April, with a first wave of crude already on its way toward Europe and the U.S., a sign the price war remains in full swingSaudi Aramco delayed the release of its key monthly oil-pricing list until later this week as the kingdom trades barbs with Russia about an OPEC+ meeting aimed at ending the collapse in oil prices; President Trump ramped up threats to use tariffs to protect the U.S. energy industry from the historic glut of oilQatar hired banks to raise more than $5 billion in bonds as early as this week, according to people with knowledge of the matterIsrael sold the first-ever century bond from a Middle Eastern government as part of a $5 billion deal, taking advantage of the plunge in global borrowing costs over the past year; shortly before that, it raised 700 million euros in the private-placement marketZambia’s Eurobonds extended losses and its currency tumbled after Africa’s second-biggest copper producer asked banks for proposals on reorganizing as much as $11.2 billion of foreign debt, including $3 billion of EurobondsEgypt held interest rates on Thursday, counting on last month’s record cut being enough to support the economy without exposing its debt to an emerging-market sell-offChile’s central bank cut borrowing costs to 0.5%, expanded a bank-bond purchase program by $4 billion and extended it to all maturities as it expects the economy to face the biggest recession since the early 1980sIndia banned all exports of hydroxychloroquine, a malaria drug that President Donald Trump has repeatedly touted as a “game changer” in the fight against Covid-19Asia:Chinese manufacturing activity rebounded in March, signaling the economy is restarting just as it faces a growing threat from slumping external demandChina’s cabinet said the central bank should enact further cash injections and local authorities should issue more infrastructure bonds, as the country ramps up its efforts to support the economyChina’s share in MSCI Inc.’s index of developing-nation stocks rose 6 percentage points in the past quarter to a record 36.5%. The country’s weighting in a Bloomberg Barclays gauge of local-currency debt has increased to 34.9%, also an all-time high. Chinese stocks and bonds were the best performers in both measures in the periodInvestor credit at China’s brokerages is disappearing at the fastest pace in 10 months as a bleak earnings outlook prompts the country’s investors to conserve cashThe PBOC cut the reserve ratio for smaller banks by one percentage point, which will be done in two phasesOfficials from leading Southeast Asian central banks have agreed to coordinate efforts to boost their economies, all struggling under the blow from the coronavirusBank of Korea’s loan offer of $12 billion using the currency swap line with the Fed drew demand of only $8.7 billion from local banksJust two weeks after South Korea adopted one extra budget, President Moon Jae-in said another is being planned to help insulate households against the impact of the coronavirusSouth Korea’s exports fell after a brief recovery as the coronavirus hit supply chains and suppressed global demandIndia opened up a wide swath of its sovereign bond market to overseas investors, taking its biggest step yet to secure access to global indexes as the government embarks on a record borrowing planLimit for foreign portfolio investments in corporate bonds was increased to 15% of the outstanding stock for fiscal year starting April 1India reduced trading hours in its bonds and currency markets as it battles rising volatility amid thin volumes with traders forced to work from homeThe World Bank has offered $1 billion in emergency financing to help India increase its screening, contact tracing, and laboratory diagnostics to fight the coronavirus outbreakIndonesia slashed its growth forecast by more than half as the coronavirus takes a toll on the economy, prompting the government to adopt a series of emergency measuresIndonesia unveiled a string of emergency measures, including corporate tax cuts and a temporary removal of the budget-deficit cap, as the government steps up efforts to head off an economic crisis caused by the coronavirusBank Indonesia predicted the rupiah will strengthen to 15,000 per dollar by year-end, Governor Perry Warjiyo said on Thursday. Finance Minister Sri Mulyani Indrawati said the rupiah might slide to 20,000 under a worst-case scenarioIndonesia barred foreign nationals from entering the country as the country stepped up efforts to contain the spread of the coronavirusBank Indonesia will be allowed to buy sovereign bonds in the primary market and extend a lifeline to banks in the event of insolvencyMalaysia’s economy may shrink this year as it struggles with a month-long coronavirus lockdown and a slide in commodity prices. Gross domestic product could shrink as much as 2% this year or grow as much as 0.5%, Malaysia’s central bank saidMalaysia is imposing limits on the hours of operation for restaurants, taxi services and some shops as the country steps up restrictions in a lockdownThailand unveiled plans for fresh government stimulus as well as rule changes to improve monetary policy flexibility, stepping up efforts to cushion the blow from the novel coronavirus outbreakPhuket in Thailand is on lockdown, with most transportation to the island banned, in the latest effort to contain the spread of the coronavirus in the tourist destinationThai Prime Minister Prayuth Chan-Ocha intensified the country’s fight against the coronavirus by ordering a nationwide curfew following a surge in infectionsBank of Thailand’s widening liquidity backstop for the fixed-income mutual fund sector is calming investors after panic selling led to the closing of some portfoliosBank of Thailand and Bank of Japan signed a bilateral local currency swap pact to allow exchanges between the two central banks of up to 800b yen ($7.4b)Philippine President Rodrigo Duterte gave authorities the green light to shoot dead protesters who attempt to riot or disrupt food distribution during a lockdown prompted by the Covid-19 outbreakPhilippines is crafting a stimulus package as it weighs extending a month-long lockdown in the main island of Luzon to curb the coronavirusPhilippines rejected all bids for Treasury bills for a second week as banks sought higher returns, showing the challenges in raising funds amid the economic risks posed by the coronavirusPhilippines doesn’t need to sell foreign-currency bond at this time after getting a 300 billion-peso lifeline from the central bank, Treasurer Rosalia de Leon saidTaiwan’s cabinet plans to add NT$250 billion ($8.3 billion) to the NT$100 billion already in its special budget to cope with the coronavirus impact, according to a cabinet statementTaiwan rejected the World Health Organization’s claims it has worked with the island in combating the global coronavirus outbreak, adding fresh criticism of the organization’s handling of the epidemicSri Lanka’s central bank cut its benchmark lending rate to the lowest since at least 2003EMEA:Turkey’s President Recep Tayyip Erdogan is seeking access to the U.S. Fed’s dollar swap lines to bolster its coronavirus-hit economy, after the central bank ran down its foreign-currency buffer to prop up the lira this yearTurkey’s central bank added to its emergency program to help contain the economic fallout from the coronavirus as the country’s number of confirmed cases surged 25% and the death toll climbedA deluge of economic sanctions and the threat of more to come has pushed Russia’s authorities to boost reserves and strip back debt over the past five years. As governments across the globe prepare for what’s set to be the worst economic slump since 2008, the fortress approach that had been pushing Russia’s economy into stagnation is starting to look like good foresightRussia is planning for oil prices at $20 a barrel this year and will ramp up borrowing in rubles to make up for a budget shortfallPoland needs to increase this year’s issuance plan by about 70% to finance its anti-crisis stimulus, less than some analysts fearedHungary’s central bank moved to arrest a record slide in the country’s currency, pivoting away from its looser monetary policy bias as the effects of the coronavirus hammer the economyHungary’s parliament handed Prime Minister Viktor Orban the right to rule by decree indefinitely, effectively putting the European Union democracy under his sole command for as long as he sees fitHungary’s government pledged to slash funding for political parties and hike taxes on banks in its first major budget overhaul since Prime Minister Viktor Orban secured powers to rule by decree this weekCzech government set a record for the size of a domestic bond sale in a sign of investors’ confidence in the country’s debt even after the central bank curbed speculation that it was about to start asset purchasesIsolation measures imposed to staunch the spread of the coronavirus thrust central European manufacturing, the region’s main growth engine, into the deepest declines since at least the global economic crisisMoody’s Investors Service singled out Kuwait and Oman for potential downgrades, focusing on the credit ratings of two nations at opposite ends of the economic spectrum as the combined shock of collapsing oil prices and the coronavirus pandemic stretches their financesSaudi Aramco, the world’s largest oil producer, is weighing the sale of a stake in its pipeline unit to raise money amid a slump in crude prices, according to people familiarCollateral damage from the implosion of NMC Health Plc is piling upUAE Exchange, set up by the founder of the embattled hospital operator, defaulted on a loan of about $300 million to a group that includes Goldman Sachs Group Inc. and JPMorgan Chase & Co., according to people familiar. Abu Dhabi Commercial Bank PJSC hired Lazard Ltd. to advise on its more than $1 billion of exposure to the Abu Dhabi-based companyThe U.A.E. central bank said required reserves for demand deposits will be cut by half, unlocking about 61 billion dirhams ($16.6 billion) that can be used to support lending to the economy and banks’ liquidity managementDubai’s deputy ruler Sheikh Hamdan bin Rashid Al Maktoum said the state will grant unspecified financial aid to Emirates airline, and that the government is committed to providing the full support by injecting fresh capitalOrganizers of Expo 2020 Dubai are recommending a one-year delay to the exhibition, the latest global event that looks set to be claimed by the coronavirus pandemicThe widening pandemic could see Dubai property prices falling to levels last seen 10 years ago, according to S&P Global RatingsFitch downgraded South Africa further into junk territory on Friday, a week after Moody’s removed the nation’s last investment-grade ratingSouth Africa’s revenue collection came close to the budget estimate even as the economy’s slump deepens. The South African Revenue Service took in 1.356 trillion rand ($73 billion) tax in the 2019-20 fiscal year, an increase of 5.3% from the previous yearSentiment in South Africa’s manufacturing industry had the worst quarter in 11 years, and it’s expected to deteriorate even further due to a nationwide lockdown to limit the spread of the coronavirusSouth Africa recorded its biggest trade surplus in 14 months in February as exports to Europe surgedCredit ratings of South Africa’s five largest banks were downgraded deeper into junk by Fitch Ratings, which cited a deteriorating operating environment following the coronavirus outbreakGhana’s Finance Minister Ken Ofori-Atta cut the country’s growth forecast for 2020 to the lowest in 37 years due to the collapse in oil prices and the impact of the coronavirusNigeria’s currency depreciated to its weakest level since February 2017 in the black market after the central bank cut supply to dealersKazakhstan slashed its key rate at an unscheduled meeting in a reversal of its March policy to complement a government stimulus plan after much of the nation was put on a coronavirus-related lockdownLatin America:Brazil’s President Jair Bolsonaro said his main concern “was always to save lives,” changing the tone from previous speeches, when he compared the virus to a “small flu”; his disapproval rating roseTwitter, Facebook and Google’s YouTube have all removed posts shared by Bolsonaro for including coronavirus misinformation; the president said the anti-malaria prescription drug hydroxychloroquine was an effective treatment and encouraged the end of social distancingCongress was set to vote on a bill that allows the government to spend more to fight the pandemic and also authorizes the central bank to trade private credit in the secondary marketBrazil suspended the release of jobs data as companies have been unable to provide complete information, and postponed for a month the quarterly publication of trade balance estimates for this yearIndustrial production rose for the second month, supported by investment in capital goods before the coronavirus pandemicMexico President Andres Manuel Lopez Obrador said Sunday he’ll boost public works projects and low-interest loans to soften the blow from the coronavirus outbreak in a speech that was short on new announcements and broad stimulus measures. He had earlier rejected calls for fiscal stimulus, saying he won’t step in to aid the corporate sector, and does not agree with the Finance Ministry’s lower growth expectationsMexico’s central bank announced a second dollar-denominated credit line auction using the swap line with the Fed, while the government abandoned its goal for a primary surplus to project a deficit of 0.4% of GDPFitch Ratings said it will discuss whether to cut Pemex further into junk territory at a review committee before the end of AprilArgentine officials are at odds with overseas bondholders over a proposal for a four-year moratorium on payments to creditors, according to people with knowledge of the discussionsEcuador extended the shutdown through April 12 as coronavirus cases swellPetroecuador canceled a crude sale after receiving disappointing offersCentral bank carried out a one-month gold swap as a precaution against the decrease in foreign liquid assets in international reservesPeru tightened quarantine rules and will allow men and women to leave home on alternate days only, with no one allowed on the streets on the next two SundaysA majority of lawmakers in Peru’s congress support a bill to pull about $11 billion of private pension funds, a quarter of the total, while central bank President Julio Velarde said this will make it more difficult for the government to raise fundsColombia was downgraded by Fitch Ratings to BBB-, just one notch above junk, due to a loss of fiscal credibility as well as slumping oil prices amid a weaker economic performanceThe Covid-19 pandemic pushed Moody’s Investors Service to downgrade Argentina, Ecuador and Zambia deeper into junk territory on FridayFitch downgraded Guatemala to BB- from BB stable on “diminishing fiscal flexibility due to the government’s low tax collection amid continuous political gridlock preventing forceful fiscal measures”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.