NMC Health founder said to be looking to buy out partners

NMC Health was on the rise on Thursday following a report that the company’s founder is looking to buy out his Emirati partners and return to an "active leadership position" at the UAE private healthcare operator.

According to the Financial Times, Indian-born entrepreneur BR Shetty is conducting an operational review ahead of formal talks to explore various options with shareholders and regulators.

Shetty stepped down as NMC’s chief executive in 2017 but remains one of the largest shareholders, with a 15% stake. He is also the chair and founder of Travelex owner Finablr.

A person briefed on Shetty’s strategy was cited as saying that he had made the Abu Dhabi government aware of a potential plan that may include bringing in new investors to buy the stock owned by investors Saeed Al-Qebaisi and his relative Khalifa Al-Muhairi, who own a stake of about 24%.

One source told the FT: "BRS wants to take an active leadership position. We will support what others decide and try to reach a consensus."

A spokesman for Muhairi, who is executive chairman at NMC, told the FT: "Khalifa remains committed to the financial success of NMC as a business. Given the ongoing investigation he is unable to comment at this time."

Shares of NMC Health have slumped since US research firm and short-seller Muddy Waters accused the company in December of manipulating its balance sheet to understate debt, among other things.

Last month, the company said it had appointed former FBI director Louis Freeh and his risk management firm to undertake a review into the allegations made by Muddy Waters.

At 1105 GMT, the share were up 2% at 989p.