UG Healthcare’s 75%-owned subsidiary, Uni-Medical Healthcare Limited (UNIGLOVES Nigeria), has incorporated a joint venture (JV) partnership with Health Focus Diagnostics GmbH to set up a medical diagnostic centre in the state of Enugu, Nigeria.
The initial capital of the JV company, Health Focus Diagnostics Nigeria (PTY) Limited, is NGN10 million ($31,000).
UNIGLOVES Nigeria will have a 51% stake in the JVCo while Health Focus and a private unnamed individual investor will have a stake of 34% and 15% respectively.
The incorporation of the JVCo presents an opportunity for UG Healthcare to expand its business into a non-gloves healthcare related sector in Nigeria through a well-established partner like Health Focus.
The diagnostic centre will be set up in a ready-built and ready-to-use property that UNIGLOVES Nigeria owns in Enugu, Nigeria.
The investment in the JV will be funded through internal resources.
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Shares in UG Healthcare closed 1 cent higher or 5% up at 21 cents on Dec 27.