Wednesday 8 January 2020 12:41 pm

NMC Health stocks fall after $490m sell off flagged by major shareholders

NMC Health’s stock price plummeted this morning after news that two of its controlling shareholders were looking to offload $490m (£373.53m) of shares.

Shares in the healthcare company are down 14 per cent to 1283p as the market reacted to a statement saying Mohamed al-Qebaisi and Khalifa Butti al-Muhairi were looking to offload their substantial holdings in NMC.

Read more: NMC Health hits back at Muddy Waters following short attack

The pair released a statement last night about the sale just a month after a damning report from US short seller Muddy Waters.

The short seller said it had “serious doubts” about NMC’s financials statements, including its asset values and reported profits and debts.

It was branded as “false and misleading” by NMC.

Nevertheless, the attack by Muddy Waters halved the company’s share price and wiped £2.7bn off its market value.

The decision of al-Qebaisi and al-Muhairi to sell off their shares has now plunged the company into further turmoil.

A statement released last night said they “intend to reduce outstanding indebtedness of themselves and other corporate entities owned by them under borrowings raised by Nov Partners Investment Limited, entered into with, among others, Credit Suisse and Deutsche Bank”.

It added: “The net proceeds from the transactions is expected to be used to repay the borrowings in full.”

The pair also revealed that they were looking to sell off $75m (£57.21m) worth of shares in Travelex parent company Finablr.

It was revealed yesterday that Travelex had been hacked by cyber criminal gang Sodinokibi, who was holding the sight to ransom.

Read more: Travelex held to ransom by hackers

The hackers are demanding Travelex hand over $6m (£4.6m) or else it will sell reams of sensitive customer data, such as redit card information and social security numbers, it had stolen.

The attack occurred on New Year’s Eve and has forced Travelex to abandon its digital networks and shut down its websites in Asia, the US and Europe.