Back 03 Jul 2025

Tianjin Pharmaceutical Da Ren Tang Shareholders Approve Disposal of Remaining 12% Stake in Tianjin TSKF at First EGM for FY2025

Link: https://links.sgx.com/1.0.0/corporate-announcements/1MI7ZY9KW07H7O1T/606abb253acdb6b7abcebae0ca9fc09a1bdd038ce3c6913069eb140d4da1e1e7


Summary: 

  • Date & Venue: The 1st Extraordinary General Meeting (EGM) for FY2025 was held on 9 June 2025 at Da Ren Tang Mansion in Tianjin and simultaneously via video conference in Singapore.

  • Chair: Ms. Wang Lei, Chairman of the Board, presided over the meeting.

  • Resolution Passed: Shareholders approved the proposed disposal of the remaining 12% equity interest in Tianjin TSKF Pharmaceutical Co., Ltd. to Haleon China Co., Ltd. and Haleon CH SARL.

    • Vote results: 99.82% in favor, 0.16% against, and 0.02% abstained.

  • Legal Compliance: The PRC legal counsel confirmed the EGM was legally convened, with legitimate procedures and valid voting.

  • Shareholder Q&A Highlights:

    • Addressed concerns over the 33% premium above appraised value, explaining the implied PE of ~13.5x was in line with global peers.

    • Clarified that the disposal would reduce earnings by ~RMB140 million (FY2024’s investment income), but proceeds would strengthen core business and fund future strategic investment