30th Nov 2018 11:50
LONDON (Alliance News) - Cathay International Holdings Ltd on Friday said its majority-owned subsidiary Lansen Pharmaceutical Holdings Ltd intends to dispose of its remaining shares in Zheijang Starry Pharmaceutical Co Ltd.
The healthcare investor holds a 50.6% stake in Lansen, which has 10.7% holding in Zheijang Starry. As of Thursday, Lansen's shareholding in Zheijang Starry had a value of USD43.3 million.
Cathay International said it expects the transaction to be completed over a period of up to 12 months. The disposal is conditional upon shareholders approval.
For 2017, Zheijang Starry reported pretax profit of USD14.9 million and gross assets of USD290 million.
The proceeds from the disposal will be used by Lansen for general working capital.
Cathay International shares were untraded on Friday, last closing at 7.50 pence each.
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