The Board of Wai Yuen Tong Medicine Holdings Limited (SEHK:897) announced the spin-off of 11.17% stake of Wang On Group Limited (SEHK : 1222) on January 25, 2024. As per the transaction, will distribute 1.7 billion shares of Wang On Group Limited held indirectly by Wai Yuen Tong Medicine Holdings Limited through Hearty Limited and Suntech Investments Limited. The shareholders will receive 293 Wang On Group Limited shares for every 200 shares held in Wai Yuen Tong Medicine Holdings Limited.

The transaction is subject to approval by shareholders and is approved by board of directors of Wai Yuen Tong Medicine Holdings Limited. As of March 7, 2024, the transaction is approved by shareholders of Wai Yuen Tong Medicine Holdings Limited. The record date of the transaction is March 18, 2024 and the transaction is expected to close on March 26, 2024.

Tricor Secretaries Limited acted as registrar to Wai Yuen Tong Medicine Holdings Limited.