Shanghai Industrial Investment To Restructure Shanghai Pharmaceutical Group
This article was originally published in PharmAsia News
Against the background of state-owned enterprises' restructuring, State-owned Assets Supervision & Administration Commission of Shanghai Municipal Government will transfer its 60 percent stake in Shanghai Pharmaceutical (Group) to Shanghai Industrial Investment (Holding). Shanghai Industrial Investment, the city's largest, most competitive and comprehensive conglomerate listed overseas, will soon conduct a due diligence check and formulate plan to reorganize Shanghai Pharmaceutical. According to sources, the relevant parties have reached an accord on bringing Shanghai Pharmaceutical public to pay off its debts, with surplus profit distributed to shareholders. The restructuring is expected to be a long-term process. (Click here for more - Chinese Language)
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Last year, Shanghai Industrial Investment acquired 60 percent stake in Shanghai Pharmaceutical (Group) and began a series of preparations for reorganization (PharmAsia News, June 30, 2008). In April, SII announced the restructuring of SPG and promised the release of a preliminary plan by June 30. However, SPG has already started its internal restructuring that will gradually transform its current 20-plus subsidiaries to independent corporate entities; one was officially declared as one this month. The move aims to make each firm a market player and raise operational efficiency. (Click here for more - Chinese Language)
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