RTTNews | Nov 5, 2021 06:52AM EDT

06:52 Friday, November 5, 2021 (RTTNews.com) - Farmmi, Inc. (FAMI), a Chinese edible fungus company, said on Friday that its subsidiary Zhejiang Yitang Medical Service Co., Ltd agreed to acquire approximately 16 percent of Shanghai Jiaoda Onlly Co., Ltd., a health care product manufacturer in China, from China Capital Investment (Group) Co., Ltd. (CCIG) and related companies, for RMB 509 million or approximately $79.8 million.

Yefang Zhang, Farmmi's Chairperson and CEO, commented, " Jiaoda Onlly will serve as the cornerstone of our recently announced expansion into the broader healthcare industry, our overall business diversification and our aggressive drive to increase operating cash flow and investor value."

Jiaoda Onlly currently operates 14 nursing and rehabilitation institutions primarily located in Shanghai, Jiangsu, and Zhejiang, with capacity of nearly 4,000 beds. It posted a revenue of approximately RMB333 million or $52.1 million for the fiscal 2020.

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