Singapore-based traditional Chinese medicine company Eu Yan Sang International will be acquired by Japan's Mitsui and Rohto Pharmaceutical in a deal valued at S$800 million.will be acquired
Eu Tong Sen established himself in Malaya and Singapore and became a prominent figure in tin mining and rubber plantation businesses by the 1920s."As he expanded the medical shop beyond Gopeng, he decided to brand the medical business more firmly with the attachment of the family name, and his medical shops were named Eu Yan Sang since then," the company wrote on its website.
Following Eu Tong Sen's death in 1941, his fortune was divided among his 13 sons. The business became too complex to govern after his death, and most of his assets were sold off by the 1980s, reported the South China Morning Post in 2017. Three years later, Richard Eu and three of his cousins staged a buyout of the pharmaceutical arm of the company at a sum of S$21 million, and formed Eu Yan Sang International Holdings.
In 2000, Eu Yan Sang International was publicly listed on the Singapore Exchange . The following year, it launched TCM clinics in Malaysia and Singapore.In August 2016, the company reported a full-year net loss of S$13.5 million. In China, the group closed its food and beverage business and six retail outlets.
The company has more than 170 retail stores in China, Hong Kong, Macao, Malaysia and Singapore, with 30 TCM clinics in Singapore, Malaysia, Hong Kong and China. It also has an F&B outlet in Malaysia.