(Alliance News) - Chinese healthcare-focused investor Cathay International Holdings Ltd said Tuesday that subsidiary Lansen Pharmaceutical Holdings has sold a further shareholding in Zheijiang Starry Pharmaceutical Co Ltd.
Cathay currently holds a 53% interest in Lansen, which is listed on the main board of the Hong Kong Stock Exchange as a medical drugs developer.
During the period from Monday last week to Tuesday this week, Lansen sold 1.7 million shares in medical drugs manufacturer Starry at a price of CNY29.66 per share, about GBP4.17.
Gross sale proceeds from the disposal were around CNY49.8 million before transaction costs and tax. Lansen is expected to recognise a net gain of USD4.4 million, of which USD2.3 million is attributable to Cathay.
Following this transaction, Lansen currently holds 11.2 million shares in Starry.
Shares in Cathay International closed 7.7% higher at 3.50 pence on Tuesday.