Eu Yan Sang appoints PrimePartners as financial adviser

EU Yan Sang has appointed PrimePartners as the independent financial adviser (IFA) to its directors.

The well known traditional Chinese medicine retailer previously announced that it had received a privatisation offer from a consortium which values the company at about S$269 million.

The consortium, called Righteous Crane Holding, includes a unit of local investment company Temasek Holdings.

As stated in its previous announcement, a circular containing the advice of the IFA as well as the recommendation of Eu Yan Sang's independent directors will be released within two weeks from the date of the despatch of the offer document.

In the meantime, Eu Yan Sang advises shareholders to refrain from taking any action in relation to their shares, until they have considered the information provided in the circular.

The offer document is to be issued by Righteous Crane's banker, Credit Suisse.