TWO Japanese corporations have teamed up to buy Eu Yang Sang International in a deal valuing the traditional chinese medicine company at US$800 million (RM3.8 billion), Channel NewsAsia reports.
Japan’s Mitsui & Co and Rohto Pharmaceutical Co have set up a special purpose company to acquire the firm that was founded in 1879 in Gopeng, Malaysia, and which expanded to Singapore and Hong Kong
The special purpose company will acquire 86% of Eu Yang Sang from Righteous Crane Holding.
Righteous Crane Holding is owned by a fund managed by Tower Capital Asia, a unit of Temasek Holdings, and the founding family members of Eu Yan Sang.
Following the deal, there will be a takeover bid for the remaining 14% share in the traditional Chinese medicine company, while the family of Eu Yan Sang will reinvest partially into the Misui-Rohto special purpose company, Mitsui said in a statement.
Eu Yang Sang has more than 170 retail outlets and 30 clinics in Singapore, Hong Kong, and Malaysia. – The Malaysian Insight file pic, April 5, 2024.
