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Balaxi Pharmaceuticals’ arm incorporates new wholly owned subsidiary

14 Feb 2024 Evaluate

Balaxi Pharmaceuticals’ wholly owned subsidiary -- Balaxi Global DMCC has incorporated a new Wholly Owned Subsidiary in Chile by the name Balaxi Pharmaceuticals Chile SPA. Consequent to the incorporation, Balaxi Pharmaceuticals Chile SPA has become a Wholly Owned Step-Down Subsidiary of the Company.

The object of Balaxi Pharmaceuticals Chile SPA is distribution and marketing of all types of medicines and pharmaceutical products which is in line with the company’s main objects. The acquisition is a part of Company’s expansion plans. This acquisition will help the Company to expand its footprints in Latin American (LATAM) region. 

The authorised Capital of Balaxi Pharmaceuticals Chile SPA is one million Chilean pesos. Balaxi Pharmaceuticals Chile SPA is promoted by Balaxi Global DMCC, Wholly Owned Subsidiary of the Company and therefore is a related party of the Company. The initial subscription payable by the subscribers to the step-down subsidiary is not a related party transaction for the Company as the Company is not a party to the same.

Balaxi Pharmaceuticals is engaged in the business of international wholesale trading of Pharmaceuticals, Builders Hardware and FMCG products.


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