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Greatime Intl (00844) plans to buy elderly care biz
20 Aug 2019
(Infocast News) Greatime International (00844) said it entered into a letter of intent on 19 August 2019 for the potential acquisition of 70% of the equity interests in each of the Target Entities (which are Wuchang Guomian Elderly Care Institution, Wuhan East Lake Welfare Institution, Wuhan Sunlight Geriatric Hospital, Wuhan Sunlight Nursing Institution, Wuhan Wuchang Sunlight Geriatric Hospital and Wuhan Wuchang Sunlight Welfare Institution) from Mr. Zhang Lei and Ms. Zhang Yuan. The consideration is initially set at RMB175 million.

The Target Entities are principally engaged in: the operation of two geriatric hospitals and a nursing institution in Wuhan which specialise in providing medical services to senior citizens; and the operation of an elderly care institution and two welfare institutions in Wuhan, which provide residential and elderly care services primarily to senior citizens with disability and/or Alzheimer's disease.

(WL)
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