(Alliance News) - Cathay International Holdings Ltd on Friday said its 53%-owned subsidiary Lansen Pharmaceutical Holdings Ltd has sold 2.3 million shares in Shanghai-listed pharmaceutical firm Zheijang Starry Pharmaceutical Co Ltd from Tuesday to Friday.
The China-focused healthcare investor said the shares were sold at an average price of CNY78.97 each for a total of CNY185.6 million - around USD26.5 million - or CNY174.7 million after the deduction transaction costs and tax. Lansen is expected to recognise a net gain of around USD21.9 million of which USD11.59 million goes to Cathay.
The intention to sell the shares was announced last week Friday. Following the disposal, Lansen holds 7.1 million shares in Starry.
Shares in Cathay closed 27% lower at 0.84 pence each on Friday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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