JAPAN’S Mitsui & Co and Rohto Pharmaceutical have purchased an 86 per cent stake in Eu Yan Sang International for S$687 million in cash.
In a statement on Thursday (Apr 4), Tower Capital Asia announced that its investment holding company, Righteous Crane Holding (RCH), Temasek Holdings subsidiary Blanca Investments, as well as some members of the Eu family were selling the combined stake in the company.
The deal values 100 per cent of Eu Yan Sang at about S$800 million. It was delisted from the Singapore Exchange in October 2016 at a valuation of around S$269 million in a deal with RCH.
Tower Capital Asia said that two members of the Eu Family will roll over about 10 per cent of their interest in the company and become shareholders of the consortium to provide guidance.
Eu Yan Sang chairman Richard Eu thanked Tower Capital Asia and Temasek for “transforming Eu Yan Sang into a leading natural health and wellness enterprise”, and welcomed the company’s new shareholders.
The transaction is subject to regulatory approvals and is expected to close by June 2024.
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Eu Yan Sang was founded in 1879 and currently operates over 170 retail outlets and 30 traditional Chinese medicine clinics in Singapore, Hong Kong and Malaysia. It also has a network across 29 markets and has manufacturing capabilities in Malaysia and Hong Kong.
