NF Energy Saving Corp (Nasdaq: BIMI) on Tuesday announced that it plans to buy China-based Boqi Zhengji Pharmacy Chain Co. The latter has over 300 stores, including directly operated stores and franchisees.
According to NF Energy Saving Corp, “the transaction is at an advanced negotiations stage and a definitive agreement is expected to be reached shortly.”
The deal would be subject to standard approvals and conditions. According to the Nasdaq-listed firm, it intends to operate Boqi Zhengji Pharmacy as a wholly-owned unit led by its existing management team.
NF Energy Saving Corp CEO Yongquan Bi weighed in, “Boqi Zhengji Pharmacy’s volume of business, large customer resources and talented team will be integrated with the core competitiveness of BIMI, effectively promoting our rapid development of a medical service chain and improving our renewed production and marketing efforts.”
“I am confident that Boqi Zhengji Pharmacy will become an important component of the Company’s new robust health strategy,” he added.
According to Boqi Zhengji Pharmacy, it expects to expand its offerings landscape through the deal with NF Energy Saving Corp. “After becoming part of BIMI, we will be able to expand the supply of medium and high-end products and services, achieve more effective matching of supply and demand and increase profitability,” a Boqi Zhengji Pharmacy representative said in a statement.