18 Nov 2011 07:00
Cathay International Holdings Limited
("Cathay" or the "Company")
Interim Management Statement
Hong Kong, 18 November 2011 - Cathay International Holdings Ltd. (LSE: CTI.L), an investment holding company and a leading investor in the growing healthcare sector in the People's Republic of China, today announces its Interim Management Statement for the period from 1 July 2011 to date in accordance with the UK Listing Authority's Disclosure and Transparency Rules.
Business Update
In trial production, Haotian finished testing of the various stages of the inositol and dicalcium phosphate ("DCP") production processes, with no significant problems.
The current output of phytin (the raw material for inositol production), from Haotian's five phytin plants, will enable Haotian's inositol plant to operate at about 55% of its designed production capacity. As stated in the Company's Annual Report 2010, Haotian is working on the construction of its sixth phytin plant, which is expected to become operational around the end of this year. Once this sixth phytin plant becomes operational, Haotian's total output of phytin will enable its inositol plant to operate at over 75% of its expected capacity. Haotian is also preparing to start the building of its seventh phytin plant, which is expected to become operational in the second half of next year, which will further increase Haotian's phytin output and provide sufficient raw material for the inositol plant to be operated at full capacity if required.
On 26 August 2011, Lansen Pharmaceutical Holdings Limited ("Lansen"), the Company's subsidiary that is listed on the main board of the Hong Kong Stock Exchange, announced its results for the six months ended 30 June 2011. Lansen continues to hold a market leading position in the rheumatology therapeutic area and is a major earnings contributor for the Group.
On 26 October 2011, Cathay made an announcement referring to Lansen's press release dated 26 October 2011 regarding the signing of an exclusive marketing and distribution agreement with the French company Ethypharm for ketoprofen/omeprazole SR in the People's Republic of China.
Financial position
There has been no significant change in the financial position of the Group since that reported as at 30 June 2011.
-ENDS-
For further enquiries, please contact:
Cathay International Holdings Limited Eric Siu (Finance Director) Patrick Sung (Director and Controller) |
Tel: +852 2828 9289 |
M:Communications Peter Laing / Amber Bielecka / Claire Dickinson |
Tel: +44 (0)20 7920 2330 |
About Cathay International Holdings Limited
Cathay International Holdings Limited ("CIH"), focused on the People's Republic of China ("PRC"), is an investment holding company and a leading investor in the growing healthcare sector in China. The Group now employs more than 2000 people across the PRC, including over 30 specialist corporate and business development staff based at the holding company's headquarters in Hong Kong and Shenzhen.
The Group aims to identify investment opportunities with emphasis on high growth healthcare markets and build them into market sector leaders, with a clear exit strategy. The Group has demonstrated a strong track record of identifying potential high-growth investment opportunities in this area, including: Lansen Pharmaceutical Holdings Limited, a leading specialty pharmaceutical company focused on rheumatology, and Haotian Holdings Limited, a company engaged in the manufacture, marketing and sale of key active ingredients for healthcare products, including inositol. To complement its healthcare portfolio, CIH has an R&D business focused on bringing new products to the growing Chinese market.
The Group also has a private equity investment arm focused on minority investment opportunities and a hotel investment.
The Company's website is at www.cathay-intl.com.hk.