Kaya’s step down subsidiary--Kaya Middle East FZE (KME FZE) has acquired a 100% equity stake in Kaya Beauty Clinic LLC SP (KBC LLC), a company operating clinics in Sharjah, UAE, pursuant to recent changes in regulations which have liberalized foreign ownership.
Earlier, KME FZE had contractual arrangements in place in respect of the business carried out by KBC 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 KBC LLC. Pursuant to the recent amendments in the foreign investment related regulations in the UAE, which liberalized the foreign investment ownership regime, a foreign company or foreign owned company in the UAE (such as KME FZE) can now have 100% ownership in companies in the UAE. The sole establishment was converted into a limited liability company (i.e. KBC LLC) owned by the UAE national owner and KME FZE has now acquired a 100% stake in KBC LLC on May 31, 2023.
Kaya is a chain of skin care clinic offering various skin care services and beauty treatment.
