Ta Win completes acquisition of 32.5 pct stake in Royce Pharma
24 Dec 2020
Copper products maker Ta Win Holdings Bhd’s healthcare subsidiary, Ta Win Copper Biohealth Sdn Bhd (TWCB), has completed the acquisition of a 32.5 per cent equity interest stake in Royce Pharma Manufacturing Sdn Bhd for RM20.85 million.
In a statement today, Ta Win group managing director Datuk Seri Ngu Tieng Ung said the acquisition would enable the group to capitalise on Royce Pharma’s robust pharmaceutical capabilities and experience.
“As our first foray into the pharmaceutical industry, which holds vast prospects, this positions us well to leverage on Royce Pharma’s expertise and strong track record in the sector.
“Building on this, we are confident that this will contribute to the group’s performance moving forward,” he said.
Ngu said following this acquisition, the group aimed to tap into viable opportunities, including the development of pharmaceutical products that meet evolving global healthcare needs, particularly during the COVID-19 pandemic.
“We will continue to look into downstream applications of the biochemistry and chemistry of copper and copper proteins to further strengthen our prospects over the long term,” he added.
The acquisition was concluded in accordance with the terms and conditions of the Share Sale Agreement (SSA) and Subscription Agreement.
The Profit Guarantee Agreement and Shareholders Agreement have also become unconditional effective today.