Aster DM Healthcare shuts Kuwait subsidiary

Aster DM Healthcare has informed the bourses that the company has shut down one of its subsidiary-Aster Kuwait Pharmaceuticals and Medical Equipment Company.

This subsidiary is located in Kuwait (Middle East) and the company has decided to shut down the same due to its loss-making operations of the pharmacies.

The expected closure date is May 31, 2020. The company has received KD 468,000 for pharmacies sold and a consideration for the last unit is expected to be around KD 15,000.

The company entered the stock market on February 26, 2018 and since then; it has raised Rs 980 crore through initial public offer at an issue price of Rs 190 per share. Founded in 1987 and headquartered in Dubai (United Arab Emirates), the company deals in hospitals, diagnostic and medical centres in Middle East, India and Philippines.

The company generates 81 per cent of the revenue from Gulf Cooperation Council (GCC) countries and only 19 per cent is generated from India.

Today, the stock gained nearly 4 per cent and made an intraday high of Rs 96 on the BSE.