NF Energy Saving Corporation completed acquisition of pharmacy chain company

NF Energy Saving Corporation, China-based provider of integrated energy conservation solutions, has completed the acquisition of Chinese pharmacy chain company Boqi Zhengji Pharmacy Chain Co., Ltd. 

Previously, NF Energy entered into a stock purchase agreement with British Virgin Islands-registered Lasting Wisdom Holdings Limited, as well as Hong Kong company Pukung Limited, China-based companies Beijing Xin Rong Xin Industrial Development Co., Ltd. and Boqi Zhengji Pharmacy Chain Co., Ltd., and several individual sellers. The aggregate purchase price for the shares consists of a cash consideration of RMB 40,000,000 (USD 5,643,181) and up to 1,500,000 shares of common stock of the company.

Mr. Tiewei Song, CEO and President of NF Energy Saving Corporation, commented on the completion of the acquisition: “We are pleased to complete the acquisition of Boqi Zhengji Pharmacy as promised. The acquisition is a substantial milestone for us to shift to the health industry while the market is booming.”