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China Resources Issues Bonds For RMB 8.5 Billion

This article was originally published in PharmAsia News

Executive Summary

China Resources has issued bonds worth RMB 8.5 billion ($1.23 billion), its largest ever issuance. About RMB 5.7 billion will be used in a series of acquisitions, such as for 100 percent of Sanjiu Enterprise Group, 50 percent of Beijing Pharmaceutical Group, 40 pecent of Shanghai Pharmaceutical (Group) and 99 percent of Shanghai Medical Instruments (Group). RMB 1.55 billion will be channelled into consolidating the acquisitions as well as creating a medical industry platform. China Resources will use RMB 1.25 billion for paying short-term bank loans to restructure its debts. Sources think the company may release its stake in Shanghai Pharmaceutical (Group) since its bid to secure the latter's 60 percent equity was recently thwarted by Shanghai Industrial Investment (Holding). (Click here for more - Chinese Language)
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