Healthcare services provider Aster DM Healthcare on Thursday said it has received approval of the United Arab Emirates (UAE) government to hold 100 per cent legal ownership of its business in Dubai.
Earlier, as per UAE law requirements, nationals of UAE were required to be the legal/registered owners of at least 51 per cent of the share capital of UAE companies and foreign investors could not acquire more than 49 per cent legal ownership, Aster DM Healthcare said in a statement.
The Government of UAE has now granted approval of 100 per cent ownership to foreign companies in approved sectors, including healthcare sector, it added.
The completion of transfer of 100 per cent legal ownership of the subsidiaries in the Emirates of Dubai is expected to conclude by the end of current financial year, Aster DM Healthcare said.
The company is in the process of obtaining similar approvals in other Emirates of UAE, it added.
"Dubai is a significant market for us as it contributes almost 80 per cent to our GCC (Gulf Cooperation Council) business. I thank and appreciate the visionary rulers of UAE for this forward-looking change in law which will give impetus for more investments into the country," Aster DM Healthcare founder Chairman and MD Azad Moopen said.
Shares of Aster DM Healthcare on Thursday closed 1.77 per cent lower at Rs 174.45 per scrip on the BSE.