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China's Golden Meditech to acquire 50% of Japanese asset manager

China's Golden Meditech Holdings Ltd. agreed to acquire 50% of ASA Asset Management Co. Ltd. for ¥425 million in cash.

The company, through its unit Golden Meditech KK, entered into a share transfer agreement with seller ASA Global Inc. and Magnum Opus International Holdings Ltd.

Magnum Opus, which is owned by Golden Meditech chairman, executive director and controlling shareholder Kam Yuen, will buy the other 50% of ASA Asset Management for ¥425 million.

The acquisition will be funded with internal resources.

The company said the acquisition will enable it to diversify its business scope into different geographical areas and industries.

ASA Asset Management is a Japanese provider of real estate asset management, investment consultancy and property arrangement services. The company manages offices, residences, commercial facilities, hotels and healthcare houses.

As of Dec. 11, US$1 was equivalent to ¥113.37.