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    ASHM   GB00B132NW22

ASHMORE GROUP PLC

(ASHM)
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Ashmore shows interest in deal to run NMC hospitals - sources

05/15/2020 | 03:35am EDT
FILE PHOTO: General view of an NMC hospital in Abu Dhabi

By Saeed Azhar and Davide Barbuscia

Ashmore Group has shown interest in a contract to operate troubled NMC Health's chain of hospitals in the United Arab Emirates (UAE), two sources close to the matter told Reuters.

The British investment manager's approach excludes any acquisition of NMC Health, the London-listed holding company that was placed into administration last month after months of turmoil, one of the sources said.

Ashmore, the private equity arm of which focuses on the healthcare sector, is among a number of potential bidders seeking a deal to run the hospitals, both sources said.

The investor already has a presence in the UAE after King's College Hospital London was brought to Dubai through a joint venture with Al Tayer Group, Dubai Investments and Ashmore.

NMC, which was founded by Indian businessman BR Shetty in the mid-1970s, became the largest private healthcare provider in the UAE but has run into trouble after short-seller Muddy Waters questioned its financial reporting and doubts emerged over the size of stakes owned by its biggest shareholders.

NMC, which has borrowed from a total of 80 local and international banks, disclosed $6.6 billion in debt in March, up from $2.1 billion in June last year.

Ashmore and Alvarez & Marsal, the joint administrators of NMC Health, declined to comment.

Interest in running NMC's hospitals comes after the administrators kick-started the process to sell NMC Trading, the holding company's distribution arm, sources said.

A spokesman for NMC Healthcare confirmed it is in the process of exploring various options for NMC Trading (UAE), which it considers non-core.

"The management team's priority is to stabilise the business and ensure continuity of care at its hospitals and medical centres," the spokesman said in an email.

The group's distribution business is separate from its main hospital and medical centres business in the UAE.

(Additional reporting by Simon Jessop; Editing by David Goodman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASHMORE GROUP PLC 0.68% 325.6 Delayed Quote.-25.00%
AT HOME GROUP INC. -0.08% 36.99 End-of-day quote.0.00%
DUBAI INVESTMENTS PJSC -0.58% 1.72 End-of-day quote.18.62%
EURO / DIRHAM (EUR/AED) -0.26% 4.2681 Delayed Quote.-4.77%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
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Analyst Recommendations on ASHMORE GROUP PLC
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Financials
Sales 2022 278 M 383 M 383 M
Net income 2022 159 M 219 M 219 M
Net cash 2022 451 M 621 M 621 M
P/E ratio 2022 14,3x
Yield 2022 5,27%
Capitalization 2 136 M 2 949 M 2 943 M
EV / Sales 2022 6,07x
EV / Sales 2023 5,50x
Nbr of Employees 310
Free-Float 59,1%
Chart ASHMORE GROUP PLC
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Ashmore Group PLC Technical Analysis Chart | ASHM | GB00B132NW22 | MarketScreener
Technical analysis trends ASHMORE GROUP PLC
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Buy
Mean consensus HOLD
Number of Analysts 15
Last Close Price 323,40 GBX
Average target price 373,00 GBX
Spread / Average Target 15,3%
EPS Revisions
Managers and Directors
Mark Langhorn Coombs Chief Executive Officer & Executive Director
Thomas Adam Shippey Group Finance Director & Executive Director
David Jonathan Bennett Chairman
Clive Peter Adamson Senior Independent Director
Jennifer Bingham Independent Non-Executive Director
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