China group buys into True Group; IPO on cards
US$36.7m investment in Singapore-based fitness operator paves way for expansion across China
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Lee U-Wen
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Singapore
HONG Kong-listed Tongfang Kontafarma has acquired a sizeable stake in Singapore-based fitness and wellness provider True Group for US$36.7 million in cash, a move that paves the way for the latter to significantly expand its presence across China.
The deal, announced on Tuesday afternoon, will see Tongfang Kontafarma - a Chinese company indirectly invested by Tsinghua University that primarily manufactures and sells prescription drugs - take a 51 per cent stake in True's Singapore and China businesses, as well as a 29 per cent stake in its Taiwan operations.
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