REUTERS: NMC Health has launched an independent review of its books, seeking to reassure investors after U.S. short-selling firm Muddy Waters last week questioned the healthcare group's finances.
Muddy Waters challenged the value of NMC's assets and cash balance as well as reported profits and debts, triggering a major sell-off in the stock that has wiped out half the company's market value.NMC, the largest private healthcare provider in the United Arab Emirates, said on Monday the review would be undertaken by an unidentified accounting firm and overseen by a committee of independent NMC non-executive directors.
"We are confident that this review, when complete, will be entirely confirmatory of the disclosures provided by the company to date," NMC said. The company, the first from Abu Dhabi to list on the London Stock Exchange, last week stood by its 2019 and 2020 forecasts, and issued a detailed response to the allegations from Muddy Waters.
Short selling involves borrowing an asset and selling it with the aim of buying it back at a cheaper price and making a profit.Muddy Waters, founded by American Carson Block, is known in financial markets for declaring short equity positions on the basis of its in-house research.Source: Reuters
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Book review: Erin Morgenstern's The Starless Sea is an enchanting puzzle-box of stories within storiesReview. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Australia PM apologises for going on holiday amid country's bushfire battleAustralian Prime Minister Scott Morrison issued a rare public apology on Friday and cut short a Hawaiian vacation in response to mounting public ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Ferguson hails Everton's Ancelotti capture after Arsenal drawLIVERPOOL, England: Caretaker manager Duncan Ferguson ended his short tenure as Everton boss on a high note and welcomed the arrival of his more ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Cats star Jason Derulo says 'reviews don't matter' after critics claw musical filmLONDON (REUTERS) - Cats star Jason Derulo has hit back at critics who have slammed the film adaptation of the hit stage musical, calling the movie 'an incredible, brave piece of art'.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Year In Review: Top 10 news stories in SingaporeINGAPORE — From the never-ending AHTC saga to sexual offences on campus to the death of Aloysius Pang, these were the news developments that got Yahoo News Singapore readers talking in 2019.
Source: YahooSG - 🏆 3. / 71 Read more »
India bids to bust citizenship law 'myths' with cartoon videoIndia's ruling party launched a video with animated Muslim characters on social media Monday as part of a publicity blitz to try to bust 'myths' ... Like it! We would like to invite you to visit our cartoons. It disgusts me that the government of pmoindia narendramodi wants to copy Nazi-era citizenship laws by targeting Muslims resident in his homeland, even those who would otherwise qualify for citizenship under local nationality law. modihitler notmypm impeachmodi
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »