Acquisition of New Head Office Building
Sydney, Dec 30, 2016 AEST (ABN Newswire) - Traditional Therapy Clinics Ltd (
ASX:TTC) is pleased to advise that following the receipt of full refund of RMB128 million previously paid by the Company for a previously contracted head office building, it has now proceeded to acquire a new head office building within Chongqing City's main financial district. The new head office building costs RMB92.53 million, which equates to AUD18.46 million at an exchange rate of 5.01 (AUD:RMB).
The new building will be used for health management and services, major health-related professional skills and operations management training, aged care, cultural heritage display, and the Company's new flagship clinic. TTC plans to put the building into use by the end of the third quarter of 2017 and it will play a crucial role in the Company's rapid development and help forging win-win domestic and international strategic partnerships.
About Traditional Therapy Clinics Ltd
Traditional Therapy Clinics Limited (ASX:TTC) is a franchisor and the owner of one of the largest chains (by number of clinics) of traditional therapeutic health and wellness clinics in China. It currently has 343 franchised clinics and 35 owned clinics in operation. It is a well established business with a strong growth profile, employing a repeatable and scalable business model.
TTC has a highly recognised and respected brand, having received the prestigious Chinese Well-Known Trademark designation from the State Administration for Industry and Commerce. It operates within a strongly regulated industry sector of significant scale, which offers opportunity for further growth.
TTC is an ASX listed company employing around 1,000 staff across 27 of the 33 administrative divisions in China. More information is available at https://www.ttc-ltd.com/
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