Shanghai Pharmaceutical Group divests animal health holdings, GBI
Release Date: 2009-08-04
Shanghai Pharmaceutical Group (SPG) has sold a 100% stake in Shanghai Tongren Pharmaceutical Company to Haikou Agriculture & Industry & Trade Luoniushan (SHE:000735) for the price of RMB 29.63 million per an announcement dating July 31. The deal is part of SPG's strategy to focus on its pharmaceutical business with Shanghai Industrial Investment.Tongren Pharmaceutical is primarily engaged in manufacturing and marketing veterinary drugs and animal healthcare products. It listed RMB 100 million in total assets and reported RMB 51.26 million for 2008 revenue, an RMB 13.36 million decrease from 2007.
| Type: | NORMAL |
| Company: | GBI |
| Country: | China |
| Url: | http://www.gbipharma.com/cpbheadline.asp?newsid=2010383 |