Skincare firm Kaya Ltd today said it has acquired majority "beneficial interest" in UAE's Minal Medical Centre and Minal Specialized Clinic Dermatology for an undisclosed sum.
"Kaya Middle East, DMCC, a foreign subsidiary of Kaya Ltd has entered into an agreement dated September 8, 2016 for acquiring 75 per cent beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah.
"However, the agreement will become effective on fulfilling of certain conditions precedent and obtaining the requisite statutory approval/s, which will take approximately 4 months," the company said in a BSE filing.
It further said: "The above said entities carry out business of skincare, body and hair services and reported revenue of Arab Emirate Dirham (AED) 11.17 million (around Rs 20.26 crore), as per the audited financial statements for the year ended December 31, 2015." Kaya Ltd said: "This acquisition will further strengthen company's network of clinics in the UAE region and add new set of customers to our existing base in the region. With its special expertise in body contouring, it would help Kaya in leveraging across the region." With this acquisition, the total network of Kaya's clinics in the Middle East region would increase to 23.
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