Dr Shetty’s NMC Health Plc buys UAE Hospital for $ 560 mn

Industry:    2016-12-15

NMC Health Plc, the London Stock Exchange-listed healthcare company promoted by B R Shetty, will acquire Al Zahra Hospital in Sharjah (UAE) from Gulf Medical Projects Company (“GMPC”) for $560 million.

The Al Zahra Hospital, with operating 137 active inpatient beds, serves about 0.4 million outpatients and 23,000 inpatient bed days per year.

Besides healthcare chain, B R Shetty runs remittance company UAE Exchange in India.

The Al Zahra Hospital’s revenue for the year ended December 2015 stood at $130 million with net profit pegged at $ 38.8 million. The Directors of NMC expects cost synergy benefits of about $6.5 million (annually) from the second year post completion of the acquisition.

The NMC Group, promoted by Gulf-based NRI B R Shetty, reported revenues of $880.9 million for the year ended December 2015. In April 2012 NMC was listed on the Premium Segment of the London Stock Exchange. NMC is a constituent of the FTSE 250.

 


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