• Successful sale of 53% stake in Saudi Arabia joint venture is the final international business to be sold by NMC Healthcare as it moves towards completion of administration process

Abu Dhabi, UAE – NMC Health (“NMC” or “the Group”) is pleased to announce the sale of its 53% stake in the Saudi Medical Care Group (SMCG), in the Kingdom of Saudi Arabia. The transaction is expected to complete during the second half of 2022, subject to all necessary regulatory approvals and customary closing conditions for the transaction.

The sale marks the completion of a key strategic milestone of focusing resources on the core Middle Eastern assets. NMC has divested all its non-core international assets and the level of interest in the process demonstrates both the quality of the asset and the strength of NMC Healthcare’s partnerships in the region.

In 2019, NMC formed a Joint-Venture (JV) in KSA contributing five of its private hospital assets and an additional cash injection to own 53% stake in SMCG (formerly NMC KSA). SMCG’s portfolio now includes 7 hospital and 3 clinics throughout the Kingdom of Saudi Arabia.

Michael Davis, CEO of NMC Healthcare, said: “In 2020, we presented a turnaround plan for NMC that would see us divest our international operations and focus on our core business in the UAE and Oman. It was clear to us that this approach would be in the best interest of the company and would provide the best value for our stakeholders. The successful sale of NMC’s last substantial non-core international asset represents an important milestone as we take the final steps to exit the administration process as NMC emerges as a robust, focused, profitable, customer-centric business.”

Richard Fleming, Managing Director of Alvarez & Marsal Europe LLP and Joint Administrator of NMC PLC and NMC Healthcare said: “This sale marks an important step for NMC. With the support of our creditors and partners, we have made excellent progress through the administration process. The sale announced today is one of the final pieces in this jigsaw, as we position NMC to deliver its long-term growth plan.”

Media Enquiries:
Middle East Media Enquiries
Hanover Communications Middle East
Jonty Summers    
Kiran Makhija     
nmchealthcare@hanovercomms.com

UK/International Media Enquiries
Headland Consultancy
Susanna Voyle            
    
Henry Wallers                  
nmchealthgroup@headlandconsultancy.com

About NMC Health

NMC is one of the leading private healthcare operators in the Gulf Cooperation Council ("GCC") with an international network of multi-specialty inpatient and outpatient clinics and hospitals, specialised maternity and fertility clinics, and long-term care homes across nineteen countries. The NMC Health Group is recognised as a leading provider of long-term medical care in the UAE through its subsidiary ProVita. NMC has a total capacity of 2,207 licensed beds across its network.

NMC Health Plc was placed into administration by the High Court of Justice, Business and Property Courts of England and Wales on 9 April 2020 and Richard Fleming, Mark Firmin and Ben Cairns of Alvarez & Marsal Europe LLP were appointed as Joint Administrators. On 27 September 2020 a number of the entities of the NMC Healthcare Group Ltd., were placed into administration under Abu Dhabi Global Market Regulations. Richard Fleming and Ben Cairns were appointed as Joint Administrators. For full information regarding these appointments please redirect to this web page: https://nmc.ae/