Jangho Group, a Chinese group with investments in the Australian healthcare sector, announced on Friday that it has increased its share in Australia's largest medical center operator, Primary Health Care, becoming its largest single shareholder.
Jangho has recently spent A$176m purchasing Primary Health Care shares from the Australian Stock Exchange, bringing its holdings to 11.17%. It expects that the deal will help it introduce Primary Health Care's pathological and imaging technology into China.
Primary Health Care currently operates 71 medical centers, 98 labs and 168 imaging centers across Australia. It reported a 29% increase in net profit to A$68.6m in the second half of 2015, thanks in part to the sale of its stake in Vision Eye and a tax settlement gain.
Founded in 1999, Jangho is primarily engaged in the healthcare and interior decoration businesses. It is one of 500 largest companies in China.