Pharmesis International (SGX:BFK) wholly owned subsidiary, Chengdu Kinna Pharma entered into a conditional sale and purchase agreement to acquire the remaining 19% equity interest in Sichuan Longlife Pharma from Chengdu Kinna Investment, a filing with the Singapore Exchange said on Monday.
The aggregate consideration payable by the group is 2.8 million yuan.
The acquisition is based on projections that Sichuan Longlife will secure a new procurement contract of herbal products from a new customer which could make the company profitable next year.
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