ProMedEx acquires 49% of UAE’s ProMedEx Drug Store for AED 101,000

28/12/2023 Argaam

ProMedEx acquires 49% of UAE’s ProMedEx Drug Store for AED 101,000

Logo of Professional Medical Expertise Co. (ProMedEx)

Professional Medical Expertise Co. (ProMedEx) announced the purchase of a 49% stake for AED 101,000 in the UAE’s ProMedEx Drug Store Co. 

 

The company said in a statement on Tadawul that ProMedEx Drug Store carries out the drug warehouse activity and was owned by executive board member Mohammad Al-Mudayan. 

 

The purchase was made through ProMedEx’s fully owned subsidiary in the UAE, ProMedEx Medical Equipment Trading LLC.

 

The transfer of nominal shares and update of necessary licenses, according to regulations in the UAE, completed on Dec. 27, the statement said.

 

The decision will be put to shareholders for approval due to a related party on the board of directors.

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