January 24, 2020 / 8:07 AM / a month ago

UPDATE 1-Dubai's Emirates NBD Bank sells stake in NMC after Muddy Waters attack

(Adds details on sale, background)

Jan 24 (Reuters) - Dubai’s Emirates NBD Bank said on Friday it had sold a 1.04% stake in NMC Health for 27.05 million pounds ($35.55 million), weeks after the healthcare firm was hit by a short-selling attack by U.S. firm Muddy Waters.

The sale of 2.16 million shares in NMC, United Arab Emirates’ largest private healthcare provider, at 12.50 pounds per share, also comes days after two major shareholders launched a discounted share sale in the London-listed group.

NMC’s vice-chairman Khaleefa Al Muhairi and its second-largest shareholder Saeed Al Qebaisi together sold NMC shares worth 375 million pounds on Jan. 8.

As of Oct. 29, the bank was NMC’s ninth-largest investor with a 1.26%, according to Refinitiv data.

The bank said it sold the company’s shares after the repayment of a related loan entered into by another entity, Infinite Investment, as the borrower and Emirates NBD as the lender.

NMC launched an independent review of its finances after short-seller Muddy Waters questioned the value of its assets and cash balance while announcing a short position. ($1 = 0.7608 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)

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