Head Office Building Refund and Franchise Clinics Growth
Sydney, Oct 24, 2016 AEST (ABN Newswire) - Traditional Therapy Clinics Limited (
ASX:TTC) is pleased to advise that it has received the third instalment of the Head Office building refund of RMB38.4 million from the building developer. The payment is now cleared in the Company's Chongqing bank account. This is the third of four instalments scheduled in the repayment contract with the developer, which sees the refund of the total original investment of RMB128 million following cancellation of the original Head Office development contract.
The Company is also delighted to announce that the total number of franchise clinics in operation is now 344. Including the 22 clinics it owns and operate, the total number of clinics is now 366 across China.
About Traditional Therapy Clinics Ltd
Traditional Therapy Clinics Limited (ASX:TTC) is a franchisor and the owner of one of the largest chains (by number of clinics) of traditional therapeutic health and wellness clinics in China. It currently has 343 franchised clinics and 35 owned clinics in operation. It is a well established business with a strong growth profile, employing a repeatable and scalable business model.
TTC has a highly recognised and respected brand, having received the prestigious Chinese Well-Known Trademark designation from the State Administration for Industry and Commerce. It operates within a strongly regulated industry sector of significant scale, which offers opportunity for further growth.
TTC is an ASX listed company employing around 1,000 staff across 27 of the 33 administrative divisions in China. More information is available at https://www.ttc-ltd.com/
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