Bengaluru: Hong Kong-listed Sino Biopharmaceutical will promote a 67 per cent stake in unit CP Pharmaceutical (Qingdao) for 1.82 billion yuan ($253.28 million) to entities managed by state-owned Guoxin Group, the corporate stated late on Tuesday.
Sino Biopharmaceutical will hold a 26 per cent stake in CP Qingdao after the disposal, the pharmaceutical conglomerate stated in a submitting to the Hong Kong Stock Exchange.
CP Qingdao, established in China, is especially concerned in analysis and improvement, manufacturing and sale of osteoporosis medicines and marine prescribed drugs.
By the deal, Guoxin Group plans to enter the life and well being trade characterised with marine organic prescribed drugs, Sino Biopharmaceutical stated.
The corporate expects to report a achieve of about 1.60 billion yuan on the disposal, topic to audit. ($1 = 7.1858 Chinese language yuan)