Aster DM partners with Al Hokair Holding Group to set up 250+ pharmacies; stock spurts ~3%

18 Oct 2022 , 09:22 AM

With the Aster Pharmacy segment, Aster DM Healthcare, one of the major integrated healthcare providers in the GCC and India, is growing its footprint in the Kingdom of Saudi Arabia. Aster Drugstore, the UAE's top pharmacy chain, plans to open and run 250+ outlets over the next five years to give easy access to pharmaceutical and wellness items in the Nutrition, Baby Care, Skin Care, Home Healthcare, and other areas.

Both parties will work together to deliver Aster Pharmacy's in-house quality care goods to address the healthcare requirements of the local people in KSA through this joint venture agreement.

The collaboration intends to open and operate in Saudi Arabia's main streets, villages, and retail malls, beginning with Riyadh, the Kingdom's capital and largest city. As part of Phase 2, we want to establish pharmaceutical production in the Kingdom to fulfill the Saudi Vision 2030, said the company in its press release.

Aster DM Healthcare now runs 446 pharmacies in India, the GCC, and Jordan, including 201 pharmacies in India operated under a trademark license agreement with Alfaone Retail Pharmacies Private Limited.

Aster Pharmacy has become a household name and has established as the brand of choice among pharmacies owing to its ease of access and customer-first attitude. Aster Pharmacy received 8 million visitors across its facilities over the previous fiscal year.

Aster Pharmacy intends to expand its horizons outside the UAE, India, Oman, Qatar, Bahrain, and Jordan through this joint venture agreement with Al Hokair Holding Group in order to deliver a customer-centric experience and authentic pharmaceutical and non-pharmaceutical items in other territories.

At around 9.21 AM, Aster DM Healthcare was trading at Rs248.70 up by 2.64% from its previous closing of Rs242.30 on the BSE. The scrip opened at Rs247.05 and touched intraday high and low of Rs251.60 and Rs247.05 respectively.

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