NMC Health Plc Board Changes (7692H)
March 26 2020 - 12:09PM
UK Regulatory
TIDMNMC
RNS Number : 7692H
NMC Health Plc
26 March 2020
26 March 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NMC Health plc
(the "Company" or "NMC")
Board Changes
NMC Health plc (LSE: NMC), the leading private healthcare
operator in the Gulf Cooperation Council (GCC) with international
services across 19 countries, today announces a change of Chairman
of the Board with immediate effect.
Mr H. J. Mark Tompkins, Non-Executive Chairman
The Board confirms that following a period of ill health over
the last few weeks which has prevented him from participation in
Board activities, Mr H. J. Mark Tompkins has left the Board and
ceased to be Chairman and a Director of the Company with immediate
effect. This decision was taken as a result of the difficult period
which NMC has faced and a desire of the remaining Board members to
focus on the challenges ahead for the Company.
Mark Tompkins has been Chairman since prior to the Company's IPO
in 2012. The Board would like to thank Mark for his significant
commitment to NMC during his tenure as Chairman.
Mr Faisal Belhoul, appointed as Executive Chairman
The Board has also decided today to appoint Mr Faisal Belhoul as
Executive Chairman of the Company. The Board has decided that the
appointment of an Executive Chairman based in the UAE is
appropriate given the challenging period the Company is facing at
the current time as it reviews previous financial irregularities;
discusses its debt position with its lenders; focuses on preserving
value for its stakeholders; and continues to deliver outstanding
levels of care to patients. The Board considers this appointment as
strategic to ensure that NMC's position as the leading private
healthcare provider, and a key component of healthcare
infrastructure in the GCC, is protected.
Mr Belhoul is a founder of Ithmar Capital Partners and currently
serves as its Chairman. He is also a founder of Amanat Holdings
PJSC, which is one of the GCC's largest integrated healthcare and
education publicly listed investment company where he served as its
chairman from December 2014 to December 2017. In addition, Mr
Belhoul was chairman of the board for a number of business groups
and associations, including the UAE Private Hospitals Council, the
UAE Private School Council, the Pharmaceutical and Healthcare
Equipment Business Group of the Dubai Chamber of Commerce and
Industry (DCCI). He served previously as a board member of Al Noor,
the FTSE 250 healthcare company, whose listing Mr Belhoul led on
the London Stock Exchange (LSE) in June 2013.
Ithmar Capital has disclosed a holding in NMC of 9%, which was
announced via RNS on 25 March 2020. The Board is satisfied that
Ithmar Capital's holding in NMC and Mr Belhoul's other hospital
interests do not present a conflict of interest with his
appointment as Executive Chairman.
Mr Belhoul is a board member of the DCCI by decree from the
Ruler of Dubai as well as being a member of the Young Presidents
Organization (YPO). In 2007, he was recognized by Arabian Business
as one of the top 100 Executives in the Gulf region. Educated in
the USA, where he studied Manufacturing Engineering at Boston
University and subsequently completed a senior executive leadership
program with Harvard University.
Commenting on the appointment, Michael Davis, Interim CEO of NMC
said:
"I am delighted that NMC has been able to attract a proven
leader such as Faisal to assist our turnaround. Faisal's experience
and local contacts will be of great value to the company in its
present circumstances. I look forward to working with Faisal and
the Board to continue to deliver outstanding levels of care to
patients at this critical time."
Mr Belhoul commented:
"I recognise the challenges faced by NMC at the moment, but also
see the underlying value of a business with its place at the heart
of the infrastructure of the GCC. NMC has some outstanding assets
and people working to provide the highest standards of care. My
role will be to work with them and to focus on the governance of
the business to enable it to deliver value to its
stakeholders."
There is no additional information in respect of Mr Belhoul
which is required to be notified for the purposes of Listing Rule
9.6.13.
Enquiries:
NMC Health plc
Simon Watkins, Group Company Secretary +44 (0) 203 205 7313
Asjad Yahya, Head of Investor Relations +971 (0) 56 219 0975
FTI Consulting
Edward Bridges / Simon Conway / Victoria Foster Mitchell +44 (0)20 3727 1000
Shane Dolan +971 (0)4 437 2100
About NMC Health
NMC is one of the leading private healthcare operators in the
Gulf Cooperation Council ("GCC") with an international network of
multi-specialty inpatient and outpatient clinics and hospitals,
specialized maternity and fertility clinics, and long-term care
homes hospitals across nineteen countries. NMC also ranks as one of
the top two in-vitro fertilisation operators globally. The NMC
Health group is recognised as a leading provider of long-term
medical care in the UAE through its subsidiary ProVita. Pursing a
selective international expansion programme since 2016, NMC has
total capacity of 2,207 licensed beds across its network. Moreover,
the recent formation of a joint venture with GOSI/Hassana
Investment Company provides a solid platform for continued growth
in the GCC region's largest healthcare market. The NMC Health group
treated over 7.5 million patients in 2018. The NMC Health group is
also a leading UAE supplier of products and consumables coming from
healthcare related products. NMC reported revenues of US$2.1
billion for the year ended 31 December 2018.
In April 2012, NMC was listed on the Premium Segment of the
London Stock Exchange.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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