DUBAI: A consortium, which includes Abu Dhabi wealth fund Mubadala, has acquired 46.9 percent equity interest in Hugel, a Korean manufacturer of cosmeceutical products.
The investment is a new addition to the company’s growing portfolio of global businesses, including India’s Reliance Retail Ventures Ltd., US-based Truck Hero, and Europe’s largest veterinary chain IVC Evidensia.
Other members of the consortium include CBC, Asia’s largest healthcare investment firm in Singapore, and South Korea-based GS Holdings Corp. and IMM Investment Corp.
The deal signals CBC’s growing interest in overseas investments, particularly targeting markets in the US, Europe, and China.
“CBC will continue to develop its global healthcare portfolio with strong support from our global investors,” CBC Managing Director Michael Keyoung said in a statement.
As for Mubadala, the investment body has supported Abu Dhabi’s efforts to pursue non-oil investments and modernize the emirate’s economy, in line with the UAE’s national goal to reduce reliance on oil.
Hugel was established in 2001, and claims to be a leader in the botulinum toxin and hyaluronic acid fillers space in Korea.