UAE’s renowned healthcare chain and distribution business NMC Health is seeking permission to delist its shares from the London Stock Exchange.
The UAE hospital administrator has asked that the removal shall take place with immediate effect. The move comes in wake of the group nearing completion of 8 years since listing on the famous stock exchange.
NMC was once considered as one of the blue-chip stock on the FTSE, finding its place on the FTSE 100 and soaring to a market capitalization of $10 billion. At the time of its de-listing, the market cap was estimated at $2.38 billion.
Between mid-December to late February, the NMC share received a beating as further details emerged into light about its inner workings at which it had shed more than 80 percent of its value.
Industry & Market sources say that di-listing was the only plausible option left for the NMC to choose from. NMC’s shares had been under suspension since February 27, as more disclosures kept coming about financial mismanagement at the company.