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Monday, 13 April 2020

Alexandria Medical Services is unaffected by NMC investigation, says CEO

Alexandria Medical Services unaffected by NMC fiasco -CEO: Alexandria for Medical Services CEO Alaa Abdel Meguid is trying to distance the company from its embattled chairman and majority shareholder BR Shetty, whose Emirati company NMC Health is now in administration as an investigation into allegations of widespread fraud still unfolds, Al Mal reports.

Abdel Maguid downplayed Shetty’s involvement in Alex Medical Services, telling the newspaper that the Indian bn’aire is one of 430 shareholders and served as non-executive chairman. Shetty is believed to hold an 87% stake in Alexandria Medical Services.

Alexandria Medical Services’ financial position is sound and NMC’s insolvency has no bearing on the company’s stability, Abdel Meguid said. The company has told the EGX that it does not expect to be damaged by the still-unfolding NMC scandal.

The power of the shorts: NMC’s woes began with a December report by short seller Muddy Waters that alleged that the company had downplayed its debt load and lied about its cash position.

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