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Thu 2 Apr 2020 01:50 PM

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Dubai developer Union Properties says not exposed to troubled NMC

Troubled healthcare operator's debt position was estimated at $6.6 billion in March.

Dubai developer Union Properties says not exposed to troubled NMC

Image: ITP Media Group

Dubai developer Union Properties (UPP) has denied rumors that it is exposed to embattled Abu Dhabi-based NMC Health, whose debt position was estimated at $6.6 billion in March.

In a statement on the Dubai Financial Market, UPP said the rumors are false and that the developer is not exposed to the healthcare operator.

"[UPP] notifies its esteemed investors, due to the presence of a numerous contacts regarding inquiries about the validity of rumors circulating with regards to the exposure of Union Properties PJSC and its subsidiaries to NMC Health, whether through ownership in the shares of that company which is listed in London Stock Exchange or by investing in debt securities or any other transaction.

"The company hereby confirms that these rumors are false and calls on all investors not to drift behind these rumors and to obtain information and data through the disclosures issued by Union Properties PJSC in compliance with the controls and regulations issued by the regulatory authorities in the country,” the statement said.

London-listed NMC Health, which was founded by Indian entrepreneur BR Shetty, saw its stock plunge in January after allegations of fraud by short seller Carson Block of Muddy Waters prompted an investigation by UK authorities.

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