February 3, 2010 (FinancialWire) Tongjitang Chinese Medicines Co. (NYSE: TCM), a specialty pharmaceutical company, said that it has set up a joint venture with a third party to acquire 100% of state-owned Guiyang Liquor Factory for RMB120.6 million in cash.
Tongjitang owns 95% of the joint venture and said it will pay its share of the consideration in full by February 2010. This acquisition is scheduled to be completed in the first quarter of 2010.
Guiyang Liquor manufactures and sells three brands of Chinese liquors: Guiyang Da Qu, Qian Chun Liquor and Gui Liquor. Tongjitang said that, according to its audited financial statements, Guiyang Liquor was profitable and achieved revenues of RMB18.9 million in 2008. Guiyang Liquor was founded in 1958 and is located in Guiyang City, Guizhou Province, China.
China-based Tongjitang Chinese Medicines, through its operating subsidiaries, is a vertically integrated specialty pharmaceutical company focused on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China.
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