8th Jul 2019 13:25
(Alliance News) - Cathay International Holdings Ltd on Monday said its subsidiary Lansen Pharmaceutical Holdings Ltd shareholders approved the renewal of the cross guarantee agreement.
Cathay holds 52.5% interest in Lansen Pharmaceutical.
Back in May, Lansen Pharmaceutical said it plans to renew an agreement between Jilin Haizi Bio-Engineering Technology Co Ltd, Ningbo Liwah Pharmaceutical Co Ltd and Lansen BVI.
Ningbo Liwah and Lansen BVI are both wholly owned subsidiaries of Lansen Pharmaceutical, while Jilin Haizi is a wholly owned subsidiary of Cathay.
The cross guarantee agreement expired at the end of June and so a new agreement, which still required shareholder approval, has been entered into. Aside from the fact that the renewed deal will expire in June 2022, the terms of the agreement will remain as they were.
Shares in Cathay were untraded at 5.00 pence each on Monday afternoon in London.
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