Gufic Biosciences Limited announced that Board of Directors of the Company at its Meeting held on September 27, 2023, considered and approved the Incorporation of Wholly Owned Subsidiary in Dubai, UAE. Name of the proposed Entity: `VEIRA LIFE FZE' or any other name as may be approved by Jebel Ali Free Zone ("JAFZA")/competent regulatory authorities in Dubai, UAE. Proposed Authorized Capital: AED 200,000, Proposed Paid up Capital: AED 200,000, Size/Turnover: Not Applicable, as the entity is yet to be incorporated.

The proposed entity would be Wholly Owned Subsidiary (WOS) of the Company and hence once incorporated, will be a related party of the Company. Save and except what is mentioned above, the promoter /promoter group are not interested in the said transaction. The transactions, if any, with WOS shall be at an arm's length basis.

The proposed entity shall carry on the business of marketing, distribution and sale of pharmaceutical products. Nature of consideration whether cash consideration or share swap or any other form and details of the same; 100% initial subscription to the equity share capital in cash consideration Percentage of shareholding /control acquired and /or number of shares acquired is 100%.