Kaya raises stake in Iris Medical Centre LLC

Skin care firm Kaya Ltd today said it along with a local partner has increased stake in Abu Dhabi-based Iris Medical Centre LLC to 85 per cent by acquiring 10 per cent additional stake for an undisclosed sum

PTI| Last Updated: Mar 26, 2016, 18:37 PM IST

New Delhi: Skin care firm Kaya Ltd today said it along with a local partner has increased stake in Abu Dhabi-based Iris Medical Centre LLC to 85 per cent by acquiring 10 per cent additional stake for an undisclosed sum.

"Kaya Middle East DMCC, a foreign subsidiary of Kaya Ltd along with its local partner, has additionally acquired 10 per cent of beneficial interest in Iris Medical Centre LLC at Abu Dhabi (IRIS) through MoA and Assignment of shares of IRIS on March 24, 2016," Kaya informed the BSE.

It further said: "Thus, Kaya Middle East DMCC now holds 85 per cent beneficial interest in IRIS".

Last year, Kaya had announced that it would acquire 75 per cent stake in Iris Medical Centre LLC, which carries out business of skincare services and operates one clinic in Abu Dhabi, in partnership with a local firm for an undisclosed sum.

Kaya, which has entered into Middle East in 2004 with its first clinic in Dubai, is now operating over 21 skin clinics across UAE, Saudi Arabia, Kuwait and Oman.

In India, it operates more than 100 skin clinics and over 100 Kaya Skin Bars across 27 cities.