Traditional Therapy Clinics Ltd (ASX:TTC), through a subsidiary, has entered into contracts to buy three franchise health and wellness clinics in China.
The company paid 27.9 million RMB for the three clinics, which works out to be AU$5.3 million.
The company says it will assume operational functions for these new clinics in May 2017.
Since listing in September 2015, the company has acquired 21 clinics in China. Taking into account these three new acquisitions, it will own a total of 32 clinics.
Yesterday, Traditional Therapy Clinics’ shares closed 17.57% lower at 30 cents.