Aster DM Healthcare announced that the company received approval of the UAE Government to hold 100% legal ownership in the subsidiaries in Emirate of Dubai, which contributes majority of the GCC business.
Earlier, as per UAE law requirements, nationals of the UAE were required to, directly or indirectly, be the legal/registered owners of at least 51% of the share capital of UAE companies and the foreign investors could not acquire more than 49% legal ownership. The Government of UAE has now granted approval of 100% ownership to foreign companies in approved sectors.
Subsequently, the Government of UAE released the list of sectors which could hold 100% foreign ownership, in which Healthcare sector was also included.
The expected date for completion of the transfer of 100% legal ownership of the subsidiaries in the Emirates of Dubai is by the end of the current financial year. It is further clarified that this activity shall not result in any major cash outflow towards investment since the Company is already holding majority beneficial ownership in t hose subsidiaries. The Company is in the process of obtaining similar approvals in other Emirates of UAE.
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