UAE Health Care Firm Plans London Stock Listing

Published March 8, 2012 1:36PM (EST)

DUBAI, United Arab Emirates (AP) — NMC Health PLC, a health care company in the United Arab Emirates, laid out plans Thursday to list its shares in London rather than at home as it seeks to raise up to $250 million.

The company said it is targeting an initial public offering on the London Stock Exchange to raise cash to cover its existing plans and future growth. NMC is owned by a small group of investors and does not sell shares on the Emirates' own stock markets in Dubai and Abu Dhabi.

Founder B.R. Shetty, NMC's managing director and CEO, said listing on Europe's largest stock exchange is "the next logical step" for the company and will boost its international standing.

"We have specifically chosen London for the IPO given its deep pool of capital and global profile," he said in a statement.

The Abu Dhabi-based company runs hospitals, pharmacies and other medical facilities in the United Arab Emirates. It is also a major distributor of pharmaceuticals, medical products and consumer goods in the Gulf federation, the second-largest Arab economy.

NMC says it generated $443.7 million in sales last year, and posted adjusted earnings before interest, tax and amortization of $70.5 million.

The company plans to build another hospital in the Emirati capital Abu Dhabi by 2014 and is considering launching an additional health care facility in Dubai.

Shetty and Emirati investors Saeed Bin Butti and Khalifa Bin Butti are NMC's main shareholders.

Dubai government-controlled port operator DP World last year began selling its shares on the London Stock Exchange, though they also trade on the Nasdaq Dubai. Other UAE-based companies, including Dubai's Axiom Telecom, have also considered London listings.


By Salon Staff

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