UAE鈥檚 NMC Health to begin independent review of financials

Reuters
NMC Health鈥檚 assets and cash balance were questioned last week by Muddy Waters. (NMC Health)
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  • NMC Health stood by its forecasts for 2019 and 2020 and announced a share buyback on Wednesday

NMC Health Plc said on Monday it had launched an independent review of its books, less than a week after US short-selling firm Muddy Waters criticized the health care group鈥檚 financials, triggering a major selloff in its shares.
The UAE-based firm said the third-party review would be undertaken by an accounting firm and would be overseen by a committee consisting of independent non-executive directors of NMC.
Muddy Waters last week questioned the value of NMC鈥檚 assets and cash balance as well as its reported profits and debts in a research note.

Topics: UAE NMC Health