Sino Biopharmaceutical to divest 67% stake in unit CP Qingdao for $253 mln

Sino Biopharmaceutical

07/02/2024 02:42

Feb 7 (Reuters) - Hong Kong-listed Sino
Biopharmaceutical  1177.HK  will sell a 67% stake in unit CP
Pharmaceutical (Qingdao) for 1.82 billion yuan ($253.28 million)
to entities controlled by state-owned Guoxin Group, the company
said late on Tuesday.
    Sino Biopharmaceutical will keep a 26% stake in CP Qingdao
after the disposal, the pharmaceutical conglomerate said in a
filing to the Hong Kong Stock Exchange.
    CP Qingdao, established in China, is mainly involved in
research and development, production and sale of osteoporosis
medicines and marine pharmaceuticals.
    Through the deal, Guoxin Group plans to enter the life and
health industry characterised with marine biological
pharmaceuticals, Sino Biopharmaceutical said.
    The company expects to record a gain of about 1.60 billion
yuan on the disposal, subject to audit.    

($1 = 7.1858 Chinese yuan)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by
Subhranshu Sahu)
 ((Himanshi.Akhand@thomsonreuters.com;))