Chinese State-Backed Entities to Dispose of Stake in Tianjin Pharmaceutical Da Ren Tang Unit via Public Tender

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Chinese State-Backed Entities to Dispose of Stake in Tianjin Pharmaceutical Da Ren Tang Unit via Public Tender

MT Newswires05-20

Tianjing Pharmaceutical Da Ren Tang Group's (SGX:T14) controlling shareholder, Tianjin Pharmaceutical, revealed that state-backed Chinese holding firms, SIIC Holdings and SIIC Investment Development, will sell their entire 100% stake in Shanghai Liuliguang Medical Development.

Shares of the pharmaceutical company were down under 1% in Wednesday trading.

The disposal will be carried out via a public tender on the Shanghai United Assets and Equity Exchange (SUAEE), according to a Tuesday filing with the Singapore Exchange.

Presently, Liuliguang Medical controls a 35% equity position in Jinhushen Biological Medical Science and Technology. Jinhushen, in return, holds a dominant 67% stake in the group's direct parent company, Tianjin Pharmaceutical Holdings, which retains an absolute 43.008% stake in Da Ren Tang itself.

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