Aster DM's Medcare acquires 60% stake in Skin 111 Clinics; stock climbs ~2.5%

4 Oct 2022 , 09:24 AM

Medcare, the Aster DM Healthcare group's premium healthcare provider, announced its entry into the premium wellness and beauty care category with the acquisition of a 60% stake in Skin 111 Clinics.

Skin111 Clinics is an award-winning premium chain of aesthetic and wellness centres that provides patients with customized invasive and non-invasive beauty treatments by combining conventional medicine with innovative wellness and beauty services such as detoxification IV infusions, allowing patients to achieve their desired beauty goals in a healthier and more sustainable manner.

Skin111 specialises in tailored beauty, anti-aging, cosmetic dermatology, and general medicine, as well as various innovative preventive medicine solutions that allow for the early detection of probable genetically driven chronic illnesses.

Following the partnership's confirmation, Sharam Nabili, CEO of Skin III, will continue to supervise the clinic's operations under the Medcare umbrella, pushing its practice into the Medcare broad network of facilities, said the company on Monday.

This purchase will expedite Medcare's aspirations to establish itself as an international destination for health, beauty, and wellness, complementing its current network of four hospitals and more than twenty medical centres in the UAE.

Skin111 Clinic's unique solutions will be included into Medcare's service portfolio, providing it a competitive advantage in the aesthetics and wellness categories, which are significant drivers of the UAE's booming medical tourism market.

At around 9.23 AM, Aster DM Healthcare was trading at Rs248.25 up by 2.46% from its previous closing of Rs242.30 on the BSE. The scrip opened at Rs248.70 and touched intraday high and low of Rs249.75 and Rs246.80 respectively.

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