SINGAPORE: A Japanese consortium has completed the acquisition of Singapore-based traditional Chinese medicine company Eu Yang Sang International for S$695 million (US$516 million).
The consortium of Mitsui & Co and Rohto Pharmaceutical acquired 86 per cent of Eu Yan Sang from Righteous Crane Holding, announced Tower Capital Asia in a press release on Tuesday (Jun 4).
Righteous Crane Holding is owned by a fund managed by Tower Capital Asia, as well as a unit of Temasek Holdings and founding family members of Eu Yan Sang.
The deal values Eu Yang Sang at about S$808 million.
Mitsui had announced on Apr 4 the consortium’s intent to purchase Eu Yan Sang.
It said then that the consortium was also planning a takeover bid for the remaining 14 per cent of Eu Yan Sang, while the founding family members of the company would reinvest partially into the Mitsui-Rohto special purpose company.
Tower Capital Asia founder and CEO Danny Koh said the completion of the sale of Eu Yan Sang is a “significant milestone” for the company.
“Tower Capital Asia is proud to have played a pivotal role in Eu Yan Sang’s evolution and we are confident that the new shareholders will continue to nurture its legacy of innovation and success,” he added.
Mr Richard Eu, chairman of Eu Yan Sang International and the great-grandson of founder Eu Kong, said the company is grateful for its partnership with Tower Capital Asia and Temasek.
He added that Eu Yan Sang is looking forward to “continuing our journey with Rohto Pharmaceutical and Mitsui”.
