Dallah Health spins off pharma division into standalone firm

13/04/2014 ِArgaam

Dallah Health Company (DHC) divested its pharmaceutical division into a standalone firm with a SAR 4 million capital, the company said today.

The limited liability spinoff, Dallah Pharma will be 98 percent owned by the parent company, and DHC’s board member Ahmed bin Saleh Babeer and Dallah Pharma’s general manager Ibrahim bin Ahmed Bahari will own one percent each.

The divestiture was spurred by rising demand in the sector, the company said in statement.

The spinoff will make medical, pharmaceutical and cosmetic products and surgical equipment among other things. The financial impact is expected in this quarter, said DHC.

Dallah Pharma will inherit the assets of DHC’s pharmaceutical division.

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