Tageer Finance third listed firm to reveal exposure to NMC

Muscat-based financial services firm Tageer Finance has revealed that it has outstandings to date to the tune of RO 1.228 million owed by NMC Healthcare, the UAE based healthcare services provider, which is the subject of court action amid allegations of financial abuse.

Tageer Finance, which is engaged in the business of providing leasing, debt factoring, bridge loan, and construction loans, is the third publicly traded Omani firm to have disclosed varying exposure to the troubled UAE based healthcare services provider.

On Sunday, HSBC Bank Oman SAOG announced it had exposure to NMC Healthcare to the tune of $16 million. Earlier, Bank Nizwa, the first sharia-compliant Islamic bank in the Sultanate, had revealed that it had extended RO 5 million in direct financing to Elegant Medical Centre LLC, which is 34.3 per cent indirectly owned by NMC Healthcare UAE through its subsidiaries, for sole operation in the Sultanate.

Last week, a High Court judge in the UK placed HMC Healthcare, which is listed on the London Stock Exchange (LSE), into administration, citing serious financial and management irregularities in the running of the group.  The action follows an application by UAE creditors led by Abu Dhabi Commercial Bank (ADCB), which are owed huge loans by the debt-ridden health care group.

NMC, which had a market value of $10 billion at its peak, is being run by administrators Alvarez & Marsal Inc following demands by an array of creditors. Trading in the London-listed company, which was founded by Indian billionaire B R Shetty, was suspended in February amid allegations of fraud. It has revealed more than $4 billion of undisclosed borrowings, pushing its total of debt to $6.6 billion.



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