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UAE drug firm sells unit to JV with Kuwait's Global

Mon Dec 24, 2007 6:48am EST

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DUBAI, Dec 24 (Reuters) - Gulf Pharmaceutical Industries GPHI.AD (Julphar) said on Monday it sold a distribution arm to its joint venture with Kuwaiti investment bank Global Investment House (GLOB.KW) for 150 million dirhams ($40.85 million). The joint venture, called Planet Pharmacies, would have distribution rights for Julphar Drug Store and Awafi Drug Store, Ras al-Khaimah-based Julphar said in a statement on the Abu Dhabi bourse Web site.

Global said on Dec. 15 its would invest in building a chain of drug stories across the Middle East and North Africa with Julphar through Planet, in which it owns 60 percent.

(Writing by Daliah Merzaban; Editing by Ulf Laessing)

((daliah.merzaban@reuters.com; +971 4 391 8301; Reuters Messaging: daliah.merzaban.reuters.com@reuters.net))

($1=3.672 dirhams) Keywords: GLOBAL JULPHAR/

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