(Alliance News) - Cathay International Holdings Ltd on Wednesday said it and its subsidiary Lansen Pharmaceutical Holdings Ltd have both disposed of an aggregate 1.1 million shares in Zheijang Starry Pharmaceutical Co Ltd.
The disposed shares generated gross proceeds of around RMB31.7 million, approximately USD4.5 million, at RMB29.03 per share.
Lansen is to recognised a net gain of USD2.7 million on the share sale, of which USD1.5 million is attributable to Cathay. As a result of the disposal, Chinese healthcare market-focused Cathay now holds 8.4 million shares in Starry.
Cathay sold 1.7 million Starry shares earlier in September for USD6.4 million, having sold USD10.4 million worth of Starry shares in May, and USD4.1 million worth of shares in June.
Shares in Cathay were untraded at 3.75 pence in London on Wednesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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