2023-07-26 11:02:56 ET
- ABVC BioPharma ( NASDAQ: ABVC ) trades 50% higher on Wednesday after it has signed a term sheet with Zhonghui United Technology Group Co to acquire real estates assets via an equity transfer, estimated at $7.4M.
- The deal aims to advance the development of a large-scale health and wellness base in Chengdu, China.
- ABVC intends to transfer common shares to Zhonghui at $20 per share in consideration for a 20% ownership of Zhonghui's property near Chengdu, estimated at $37M and a piece of land Zhonghui owns in that same area.
- Source: Press Release
For further details see:
ABVC rises on acquisition of real estate assets for strategic investments