Pursuant to the recent changes in regulations which have liberalized foreign ownership, foreign companies can now have 100% ownership in the UAE. Therefore, KME FZE acquired KSC LLC. 

Kaya Skin Care Clinic LLC (“KSC LLC”), which has five branches in Dubai.

Kaya Middle East FZE, the step down subsidiary of the Company, has acquired a 100% equity stake in Kaya Skin Care Clinic LLC (“KSC LLC”), a company operating clinics in Dubai, UAE. 

Pursuant to the recent changes in regulations which have liberalized foreign ownership, foreign companies can now have 100% ownership in the UAE. Therefore, KME FZE acquired KSC LLC. 

Kaya Skin Care Clinic LLC (“KSC LLC”), which has five branches in Dubai.

Earlier, KME FZE had contractual arrangements in place in respect of the business carried out by KSC LLC (as a sole establishment of the UAE national owner). 

KME FZE was already operating and obtaining full benefits from the operations and business of KSC LLC.