Kaya’s step down subsidiary -- Kaya Middle East FZE (KME FZE) has acquired a 100% equity stake in Kaya Skin Care Clinic (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.
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.
Kaya is a chain of skin care clinic offering various skin care services and beauty treatment.
