Dubai: The UAE pharmaceuticals company Julphar will take full control of Planet Pharmacies, a move that will add to its bottom-line numbers from the third quarter itself. This will be done by Julphar, which is going through a major strategy and financial turnaround, picking up 60 per cent in Planet Pharmacies from Pharma SPV (special purpose vehicle).
The deal will likely close next month. Planet Pharmacies is a joint venture between Kuwait's Global Investment House and Julphar (otherwise known as Gulf Pharmaceutical Industries). It currently has operations in the UAE, Saudi Arabia and Oman.
It is a freshly re-energised Julphar that is making the move these days. In the recent past, it signed off on a turnaround plan, get a new CEO, managed to make a return to supplying the Saudi market with its products, as well other Gulf territories. The numbers too are looking in far better health, going the fourth quarter showing.