(Alliance News) - Cathay International Ltd has sold part of its stake in Chinese firm Zheijang Starry Pharmaceutical Co Ltd, it said on Wednesday.
Cathay, which focused on the Chinese healthcare market, sold 1.7 million Starry shares at RMB26.91 each, a 10% discount to Starry's closing price in Shanghai on Tuesday. Cathay booked RMB45.21 million, or USD6.4 million, in proceeds.
Following the sale, it holds 9.5 million Starry shares, though did not say what stake this represents.
Cathay sold USD10.4 million worth of Starry shares in May, and then in June sold shares worth USD4.1 million.
Shares in Cathay closed 11% lower in London on Wednesday at a price of 4.00 pence each.