Kaya subsidiary hikes stake in IRIS Medical

Kaya Middle East DMCC, the wholly owned subsidiary of Kaya, is increasing its stake in IRIS Medical Centre LLC, (subsidiary of DMCC) to 100% from existing 85%.

The 15% stake was acquired at 22,500 Dirham (AED). "Therefore, IRIS Medical Centre LLC will become a wholly owned (100%) subsidiary of DMCC," Kaya said in a statement.

IRIS Medical Centre LLC was incorporated as a private company on 15 May 2014. It is engaged in the business of treatment of dermatology. In FY22, its turnover was 9.8 lakh AED.

Kaya is leading specialty skin care, solution provider in India and Middle east either directly or through one or more of its subsidiaries. It delivers holistic skincare solutions through its range of Kaya Skin Clinics and product retail format called Kaya Skin Bar.

On a consolidated basis, Kaya reported net loss of Rs 25.76 crore in Q1 June 2022 as against net loss of Rs 14.37 crore in Q1 June 2021. Net sales rose 40.16% to Rs 92.83 crore in Q1 June 2022 over Q1 June 2021.

Shares of Kaya fell 1.92% to Rs 370.55 on Friday, 7 October 2022.

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