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Chinachem Group Acquires approximately 56% Interest in Pine Care

For approximately HK$451 million As the First Step to Develop its Healthcare and Elderly Care Business

HONG KONG SAR - Media OutReach - 31 August 2022 - Today, Chinachem Group (the "Group") announces the acquisition of approximately 56.15% interest in Pine Care Group Limited ("Pine Care") (Hong Kong Stock Code: 1989) from its controlling shareholders for a total consideration of approximately HK$451.2 million, subject to certain conditions precedent being fulfilled or waived.

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