Legend Holdings To Sell Shijiazhuang Pharmaceutical Group
This article was originally published in PharmAsia News
Legend Holdings has put on the market its 100 percent stake in Shijiazhuang Pharmaceutical Group to secure RMB 631.5 million, RMB 238.5 million lower than the purchase price of RMB 870 million in June 2007. Legend was supposed to invest RMB 5 billion in Shijiazhuang Pharmaceutical over the next five years and make it a world-class pharmaceutical company. A Legend Holdings executive attributes the move to a restructuring exercise. Analysts note that Legend Holdings lists rigorous criteria for the transfer including to a state-owned enterprise with sustainable support, thus the final potential candidate will likely be a subsidiary of the group with international acquisition and pharmaceutical investment experience. (Click here for more - Chinese Language)
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Legend Holdings' deadline to seek a buyer for its Shijiazhuang Pharmaceutical Group has expired, with Massive Top Limited the only candidate submitting a proposal (PharmAsia News, Nov. 3, 2008). Massive Top is a wholly-owned holding company of Legend Holdings in Hong Kong. Legend Holdings is awaiting approval from the relevant authorities for the equity transfer. Informed sources point out that the move paves the way for Shijiazhuang Pharmaceutical Group's overseas capital operation in the future. (Click here for more - Chinese Language)
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