Abu Dhabi News: B. R. Shetty's NMC May Get Wealth Fund Deal - Bloomberg:
As the crisis surrounding troubled hospital operator NMC Health Plc deepens, Abu Dhabi is turning to Mubadala Investment Co. to safeguard the emirate’s reputation among global investors.
The $229 billion wealth fund is considering a potential investment in the United Arab Emirates’ largest private health-care provider as the FTSE 100 company faces an investigation by the U.K.’s Financial Conduct Authority over allegations of fraud, according to people with knowledge of the matter.
The government is keen to support NMC -- whose shares have been in free-fall since a December report by Muddy Waters Capital LLC -- to prevent further damage to the emirate’s image as a key regional hub for business, some of the people said, asking not to be identified because the talks are private. NMC is also strategic to the region’s nascent health-care industry, they said.
Abu Dhabi is using its sovereign funds and state-related entities to support its most strategic companies as they come under pressure. Last month, the emirate outlined plans for a government-owned utility to rescue struggling Abu Dhabi National Energy Co., known as Taqa. The bailout follows a series of mergers that saw some of its largest banks take over weaker lenders.
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