NMC’s CEO reassures staff on changes
Group started process to begin life under new shareholders
New shareholders will work over the next two to three years to rebuild NMC, at which point they plan to sell off the UAE and Oman operations to a new buyer.
‘Don’t Worry …’ That is the message Michael Davis, CEO of the Abu Dhabi Hospital operator NMC Healthcare, is telling the company’s 12,500-strong workforce in the UAE and Oman. Davis is out to reassure staff that whatever changes are taking place at NMC are at the shareholder level and will not have a bearing on operations and on staffing.
“We have made it through the past 18 months and emerged stronger, leaner, and more focused on our patients and the company than ever before,” said Davis. “I am so happy we
have reached this point today and am grateful for the support the company received from so many of our stakeholders.”
His reference is to the change in shareholding at NMC, a process that was initiated on September
1, with lenders and creditors set to take over the healthcare company. It will mean that the likes of ADCB and other banks that have billions of dirhams in exposure to the company have direct control of the company. It will see NMC exit administration, which was placed on it in April last year by a UK court and later on by a court in Abu Dhabi.
The new lender- and creditor-led shareholders will work over the next two to three years to rebuild NMC, at which point they plan to sell off the UAE and Oman operations to a new buyer.
The hope is that by doing so, they stand the best chance of recovering the better part of the money they are owed.