- Gulf country focused healthcare group NMC Health said a critical report about the company issued by US research firm Muddy Waters appeared to be 'unfounded, baseless and misleading'.

NMC shares tumbled on Tuesday after Muddy Waters, founded by short seller Carson Block, expressed 'serious doubts' over the company's balance sheet.

'NMC understands its regulatory disclosure obligations and has nothing to add to disclosures already made,' NMC said in a response issued Wednesday morning.

The company also claimed that it had already responded to many of the allegations made in the report over the past 12 months, which could be found on its website.

Even so, it added: 'NMC will review the assertions, insinuations and accusations made in the report, which appear principally unfounded, baseless and misleading, containing many errors of fact, and will respond in detail in due course.'

NMC said it remained a growth company with a 'solid' balance sheet generating 'strong' levels of cash, as demonstrated by this week's buyback of $90m of convertible bonds due 2025.

'NMC reaffirms its broader trading and operational guidance for the business for both 2019 and 2020 as disclosed at its recent capital markets day held on 21 October 2019,' it added.

Separately, the company announced that it had put in the place a formal mechanism through which it could begin to execute a $200m share buyback programme approved on 5 December.

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