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Kingworld Medicine turns to control tonic

Source: Kingworld medicine

Kingworld Medicines (1110) is set to take a majority stake in one of its mainland client firms before year's end.
Zhao Li Sheng, chairman of the medicine importer and distributor, was not divulging the name yesterday, saying only that it and Kingworld have worked together for 10 years and ``we will be controlling shareholder, offering exclusive distribution rights of products.''
Kingworld listed in November, and about 60 percent of the HK$130 million raised was earmarked for acquisitions.
“We will only consider acquiring candidates whose annual sales reach 200 million yuan [HK$239.35 million] to 300 million yuan,'' said Zhao.
Kingworld aims to have up to 3,000 display booths at outlets by year's end - double the number last December. And it is launching more higher-margin items such as organic milk powder.
Kingworld Medicines (1110) closed 1.01 percent higher at HK$1.84. GRACE CAO
FROM:The Standard