JBM (Healthcare) (HKG:2161) unit Arrow King agreed to acquire a 90% equity stake in Tin Hee Tong Medicine Factory from Hou Jiasheng for HK$171 million, a Feb. 21 filing with the Hong Kong bourse said.
Following completion, Yang QiCheng David, who owns the remaining 10% shares in Tin Hee Tong Medicine Factory will enter into a right of first refusal contract with the buyer.
Under the agreement, if Yang plans to dispose of part or all of his stake in the target, he will first offer to sell the shares to the Arrow King.
Tin Hee Tong Medicine Factory engages mainly in the manufacture, marketing, and sales of proprietary Chinese medicine Tin Hee Tong Tin Hee Pills.
The acquisition will allow the medicine distributor to expand its portfolio of proprietary Chinese medicines and accelerate its growth strategies.
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