– UAE, Abu Dhabi – NMC Health Plc (LON: NMC), the leading private healthcare operator in the Gulf Cooperation Council with international services across 19 countries, today announced that Mark Tompkins has left the Board and ceased to be Chairman and a Director with immediate effect and is replaced by Faisal Belhoul who has been appointed as Executive Chairman.
Mark Tompkins has been Chairman since prior to the IPO in 2012. The Board would like to thank Mark for his significant commitment to NMC during his tenure as Chairman.
The Board has also decided today to appoint 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.
“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.” said Michael Davis, Interim CEO.
Ithmar Capital has disclosed a holding in NMC of 9%. 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.
About Faisal Belhoul
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. 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 in June 2013.
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. 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.
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.”
About NMC Health
NMC is one of the leading private healthcare operators in the Gulf Cooperation Council with an international network of multi-speciality 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.
For more information: https://nmc.ae
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