Aster DM Healthcare consolidates subsidiaries operating in UAE

Aster DM Healthcare announced that as part of the Company's efforts to reduce the number of subsidiaries and to consolidate pharmacies operating in the UAE, Aster Pharmacies Group LLC and Aster Al Shafar Pharmacies Group LLC, subsidiaries of the company have consolidated pharmacies in the UAE, after securing all regulatory approvals from UAE authorities.

Further, merger of Al Raffah Medical Centre LLC and Al Raffah Hospital LLC, Oman, subsidiaries of the Company, has been carried out to consolidated the operations of the clinics in Oman with operating hospital.

There has been no economic change to the Company due to this consolidation and the beneficial ownership remains the same.

 

The details of the consolidation is as under:

a) Pharmacies under DM Pharmacies Group LLC and Shindagha Pharmacy LLC, subsidiaries of the Company were taken over by Aster Pharmacies Group LLC, material subsidiary of the Company.

b) The following 3 subsidiaries were converted as branches of Aster Pharmacies Group LLC, material subsidiary of the Company.
1. Asma Pharmacy LLC, subsidiary of the Company
2. Shindagha Pharmacy LLC, subsidiary of the Company
3. Union Pharmacy LLC, subsidiary of the Company

c) Zabeel Pharmacy LLC, subsidiary of the Company was converted as branch of Aster Al Shafar Pharmacies Group LLC, subsidiary of the Company.

d) Al Raffah Medical Centre LLC, subsidiary of the Company is merged with Al Raffah Hospital LLC, Oman, subsidiary of the Company.

Powered by Capital Market - Live News