AQUA BIO TECHNOLOGY receives green light from Al DAWAA pharmacies

23.4.2021 10:40:04 CEST | Aqua Bio Technology ASA | Inside information

AQUA BIO TECHNOLOGY receives green light from Al DAWAA pharmacies

Aqua Bio Technology ASA ("ABT") has been informed by the second largest pharmacy
chain in Saudi Arabia, Al Dawaa Pharmacies ("Al Dawaa"), that they are ready to
distribute Moana Skincare to around 50 pharmacies across Saudi Arabia with the
possibility of expanding to more stores provided that ABT, among other things,
obtains approval from the Saudi Arabian authorities for the sale of the Moana
Skincare products. In that regard, ATB has signed a letter of appointment
pursuant to which Al Dawaa is ABT's chosen distributor for the commercialization
of the Moana Skincare product in Saudi Arabia. Following approval from the Saudi
Arabian authorities, ABT and Al Dawaa will further enter into a distribution
agreement of the Moana Skincare product across Saudi Arabia.

Dawaa Pharmacies started in Saudi Arabia in 1994 and currently operates with
around 800 retail pharmacy stores across the country. The Saudi Arabian beauty
market is the largest in the Middle East (more than 80% of the middle east
market -
https://www.semanticscholar.org/paper/The-Middle-Eastern-Market-of-Cosmetics-and
-Demand-Ch%C4%99%C5%9B/40f41dc1b93181c0a1519431179c09613a028050), estimated at
over EUR 13 billion annually with an annual growth forecast of 11% . The big
international corporations are already present, benefiting from the growing
young population and the rising disposable income.

Moana Skincare currently consists of a portfolio of 19 skin care products, most
of which are based on potent extracts from plants found in New Zealand's
unspoiled nature. These have been used in traditional medicine by the country's
indigenous people, the Maori, for centuries. The cornerstone of Moana Skincare's
skin care products is a certified organic red seaweed found only in the waters
around New Zealand. The products have a documented moisturizing effect that
lasts for a full 60 hours after application on the skin, which is several times
better than the competitors on the market. The series is also organically
certified according to one of the world's strictest standards.

For further information, please contact CEO Espen Kvale, telephone +47 9162
8092.

* * *

Aqua Bio Technology (ABT) is developing and commercializing sustainable
biotechnology for use in skin care products. ABT's cosmetics ingredients are
highly effective and they provide the cosmetics industry with natural
alternatives to traditional ingredients. ABT is also marketing and distributing
natural skin care products developed by partners towards consumers and
professional users. ABT's focus on commercialization and development of natural
ingredients and natural skin care products has been, and will continue to be, an
important part of the Company's strategy going forward. 
Aqua Bio Technology is listed on the Euronext Expand market of the Oslo Stock
Exchange.

 

This information was considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Håvard Lindstrøm, Head of Business Development, on
23 April 2021, at 10.40 CES

 

 

 

 

 

 

DISCLAIMER

This information is subject of the disclosure requirements pursuant to section
of 5-12 of the Norwegian Securities Trading Act.

CONTACTS

 * Espen Kvale, CEO, +47 916 28 092, espen.kvale@aquabiotech.no 

ABOUT AQUA BIO TECHNOLOGY ASA

Aqua Bio Technology (ABT) is developing and commercializing sustainable
biotechnology for use in skin care products. ABT's cosmetics ingredients are
highly effective and they provide the cosmetics industry with natural
alternatives to traditional ingredients. ABT is also marketing and distributing
natural skin care products developed by partners towards consumers and
professional users. Aqua Bio Technology is listed on Euronext Expand.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847556/484/612/Download%20announcement%2
0as%20PDF.pdf

en_Download announcement as PDF