Singapore law firms WongPartnership, Lee & Lee and Rajah & Tann (R&T), and R&T’s Malaysian member firm Christopher & Lee Ong have advised traditional Chinese medicine firm Eu Yan Sang International (EYS) and its shareholders on the sale of 86 percent of EYS’ shares.
A Singapore-based consortium led by Japan’s Rohto Pharmaceutical Co and Mitsui & Co purchased the stake for $595 million.
EYS manufactures and sells traditional Chinese medicines and operates over 170 retail outlets and 30 clinics in its core Singapore, Hong Kong, and Malaysia markets. It was taken private by controlling shareholder Righteous Crane Holding (RCH), an investment fund managed by Tower Capital Asia, in 2016.
Mitsui and Rohto have earmarked EYS for their expansion in the growing wellness market in Asia. “As health in Asia becomes globalised, different solutions are emerging. We believe we can generate synergies based on Chinese medicine, a well-established & rooted solution,” a Rohto investor statement read.
WongPartnership advised EYS and RCH on the deal. Partners Low Kah Keong, Quak Fi Ling, and Chiang Yuan Bo acted for EYS, while partner Chan Sing Yee advised for RCH.
Christopher & Lee Ong partner Justin Chua also advised EYS on the deal.
Another shareholder, Temasek-backed Blanca Investments, was advised by Rajah & Tann Singapore partners Sandy Foo and Goh Jun Yi.
Two Eu family members who were selling their approximately 10 percent shares under the transaction were advised by Lee & Lee partners Chee Leong Lun and Liane Lim.
