Aster Pharmacies incorporates JV Aster Arabia

Aster DM Healthcare on Friday said that its material subsidiary Aster Pharmacies Group LLC has incorporated a joint venture (JV), Aster Arabia Trading Company LLC in Riyadh, Kingdom of Saudi Arabia (KSA).

The healthcare service provider on October 17, 2022, announced that Aster Pharmacies Group LLC has entered into a joint venture agreement with Abdulmohsen Al Hokair Holding Group to establish, manage and operate Pharmacy chain across the Kingdom of Saudi Arabia under the “Aster Pharmacy” brand.

Aster DM Healthcare in a regulatory filing today said, “We wish to inform you that the Aster Pharmacies Group LLC a material subsidiary of Aster DM Healthcare Limited has incorporated Joint Venture, Aster Arabia Trading Company LLC, a limited liability Company in Riyadh, Kingdom of Saudi Arabia on March 9, 2023.”

The joint venture agreement of October said that both the partners will work towards brining Aster Pharmacy’s in-house quality care products to serve the healthcare needs of the local population in KSA. The partnership had plans to open and operate in high streets, communities and shopping malls of KSA beginning with Riyadh, the capital and the largest city of the Kingdom.

In the phase 2, they aimed at setting up pharmaceutical manufacturing within the Kingdom to support the Saudi Vision 2030.

Shares of the Aster DM Healthcare closed 1.02 percent higher at Rs 232.75 on the National Stock Exchange today. CNBCTV18