Gufic Biosciences Establishes Wholly Owned Subsidiary in Dubai

On April 3, 2024, Gufic Biosciences Limited informed the stock exchanges that the company had incorporated a wholly owned subsidiary company in Dubai, UAE, namely “Veira Life FZE”.

As per the exchange filing, the new wholly-owned subsidiary was incorporated on March 25, 2024, which was intimated to the company by Jebel Ali Free Zone (JAFZA) vide email dated April 3, 2024.

Veira Life FZE belongs to the pharmaceutical industry. The company will be engaged in the marketing, distributing, and selling of pharmaceutical products.

The nature of consideration for the transaction is a 100% subscription to the share capital involving cash consideration. Gufic Biosciences Limited stated that the cost of subscription of shares would be AED 2,00,000, and they hold a 100% stake in the newly formed wholly-owned subsidiary in Dubai. They also added that Veira Life FZE was incorporated on March 25, 2024, and is yet to commence its business operations.

Gufic Biosciences Limited mentioned that the authorised capital is AED 2,00,000, and the paid-up capital is AED 2,00,000.

In March of last year, the company incorporated a wholly owned subsidiary named “Gufic Ireland Limited” in Ireland on March 2, 2023, for the purpose of expanding its pharmaceutical business in the European market.

In March 2024, Gufic Biosciences Limited announced that they had been granted a patent for an invention entitled “Lyophilized Pharmaceutical Compositions of Dalbavancin” on March 14, 2024, for the term of 20 years effective from November 23, 2016, in accordance with the provisions of the Patents Act, 1970.

In the quarter that ended December 2023, Gufic Biosciences Limited reported revenue of ₹201.78 crore, which is approximately 13.7% higher than the revenue of ₹177.47 crore in the quarter that ended December 2022. In the quarter ended December 2023, the company reported a net profit of ₹22.26 crore, which is approximately 9.44% higher than the net profit of ₹20.34 crore in the quarter ended December 2022.

On April 4, 2024, the Gufic Biosciences share price opened at ₹307.00, touching the day’s high at ₹309.70, as of 2:46 PM on the NSE.

About Gufic Biosciences Limited

Gufic Biosciences Limited is involved in the manufacturing of pharmaceuticals, medicinal chemicals and botanical products.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.