Aster DM Healthcare said that its subsidiary, Aster DM Healthcare FZC, completed acquisition of 80% stake in Premium Healthcare, UAE, on 5 December 2019.
The scrip was currently trading lower by 0.68% at Rs 152.30.
The company has received confirmation from Dubai International Financial Centre Authority (DIFCA) on 8 December 2019. The acquisition has also received the approval from Dubai Health Authority (DHA).
Aster DM added that it is a bolt-on acquisition which fits with its existing medcare brand of clinics. Bolt-on acquisition refers to the acquisition of smaller companies, usually in the same line of business that presents strategic value.
The said acquisition is being done on cash basis, for a total consideration of 8.69 million Dirham.
Shares of Aster DM Healthcare continued to slide for third consecutive session. The stocks has fallen 2.30% to its current market price of Rs 152.30 from a recent closing high of Rs 155.90 on 5 December 2019.
On a consolidated basis, the company's net profit fell 71.7% to Rs 3.12 crore on a 13.6% increase in the net sales to Rs 2086.88 crore in Q2 September 2019 over Q2 September 2018.
Aster DM Healthcare is one of the largest private healthcare service providers operating in multiple GCC states and is an emerging healthcare player in India.
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