Sinopharm to Sell 51% Stake in Guorui Pharmaceutical for 406 Million Yuan

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Sinopharm to Sell 51% Stake in Guorui Pharmaceutical for 406 Million Yuan

MT Newswires Live09:46

Sinopharm (HKG:1099) agreed to sell a combined 51% stake in China National Medicines Guorui Pharmaceutical for 406.4 million yuan, according to a Wednesday Hong Kong bourse filing.

Sinopharm will sell a 30.13% direct stake for 240.1 million yuan, while its subsidiary Sinopharm (CNCM LTD) will dispose of a 12.06% stake for 96.1 million yuan.

China National Pharmaceutical will sell the remaining 8.81% for 70.2 million yuan.

Upon completion, Guorui Pharmaceutical will cease to be consolidated by Sinopharm, with Sinopharm (CNCM LTD) retaining a 49% stake and Shanghai Shyndec Pharmaceutical holding 51%.

Sinopharm expects to record a preliminary gain of about 45 million yuan from the disposal, with proceeds to be used to replenish working capital.

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