29th Jul 2014 13:41
LONDON (Alliance News) - Taihua PLC Tuesday said it intends to move towards producing processed forsythia in the next three years, and is currently in talks with a number of new distributors to boost traditional Chinese medicine sales.
The traditional Chinese medicine ingredients company has seen a fall in traditional Chinese medicine sales as of late.
"The board are aware that Traditional Chinese Medicine sales have been falling, however Taihua is in conversations with a number of new distributors with a view to selling more of their products," the company said in a statement.
Taihua also said that harvest conditions this year has not been optimal for the production of forsythia as there was "frost in the flowering period in spring and it is drier than is optimal for cultivation", it said.
Taihua said it intends to move towards producing processed forsythia in the next three years. It said the move to producing processed forsythia will depend on a number of factors, including acquisition of machinery and the processing plant, as well as the process of achieving the Good Manufacturing Practice standard from Chinese regulators.
"It is anticipated that this process would cost approximately GBP1 million. Further updates will be provided in due course," the company said.
Taihua shares were down 11.1% at 3.00 pence Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
TAIH.L