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Hong Cheng Life Science invested 6.37 million to enter the ophthalmology product market.
Hong Cheng Life Science invested 6.37 million to enter the ophthalmology product market.
Hong Cheng Life Science $SUNZEN (0148.MY)$ Acquiring 70% equity of Eye Nation Medical Company for 6.37 million Ringgit, to enter the ophthalmology product market, and not ruling out further financial growth through merger and acquisition activities.
Teo Yek Ming, the Managing Director of Hong Cheng Life Science, said today at a press conference that this acquisition will expand its business portfolio to the ophthalmology product industry, benefiting the company's growth.
It has rich experience and professional knowledge in the ophthalmology industry, which can help us quickly enter new markets.
He revealed that Eye Nation Medical is equipped with the necessary licenses, certifications, and compliance systems, which helps Hong Cheng Shen Ke to meet regulatory requirements, meet industry standards, and ensure product specifications, thus reducing legal risks.
Eye Nation Medical was established in 2003, mainly engaged in the trade of diagnostic equipment and related products in the ophthalmology product industry.
The company's CEO, Edmund Lee, stated that the current business model mainly focuses on B2B (business to business), and there are plans to sell some products in a B2C (business to consumer) model now to reach more consumer cohorts.
"Currently, we have established approximately 600 networks in both public and private sectors. Combined with the strengths of Hong Cheng Shen Ke, we believe we will grow rapidly in the future."
Once the acquisition is completed, Eye Nation Medical will become a subsidiary of Hong Cheng Shen Ke, holding 70% of the shares, and providing a profit guarantee of 2.6 million ringgit for 2 years.
Strategic Mergers and Acquisitions Drive Growth
Ching Chee Pun, Chairman of Hong Cheng Shen Ke, added that besides internal business growth, the company is also considering driving business growth through mergers and acquisitions.
"Our core business mainly involves financial lending and medical care. Although internal growth is promising, business growth can be further accelerated through mergers and acquisitions."
He also revealed that the company has been actively looking for suitable targets in related fields, and if there is further development, it will be announced to the public in a timely manner.
Source of information: Nanyang Siang Pau
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