29 Jan 2018 07:18
Final version via RNS Reach
Cathay International Holdings Limited
("Cathay" or the "Company")
Cathay's subsidiary Lansen
Change of executive director, member of executive committee and
group chief executive officer
Hong Kong, 29 January 2018 - Cathay International Holdings Ltd. (LSE: CTI.L), an operator and investor in the growing healthcare sector in the People's Republic of China (the "PRC"), announces that Lansen Pharmaceutical Holdings Ltd ("Lansen") (HKEX: 503), the Company's 50.56% owned subsidiary, has announced today that Mr. Liu Bangmin ("Mr. Liu") has resigned as an executive director of Lansen, a member of the executive committee and the chief executive officer of the Lansen group with effect on 31 January 2018 due to his decision to devote more time to his family.
Mr. Liu has confirmed that he has no disagreement with the board of Lansen and there is no matter that needs to be brought to the attention of the shareholders of Lansen in relation to his resignation.
Lansen at the same time announces that it is identifying suitable new Chief Executive Officer and will release an announcement after the appointment is made. The board of Lansen will propose a director candidate for approval by its shareholders in a general meeting in due course.
The full text of the Lansen Announcement can be found at the Announcements & Notices section of Lansen's homepage at
http://holding.lansen.com.cn/en/newslist.aspx?NodeCode=10002000700050005.
-ENDS-
For further enquiries, please contact:
Cathay International Holdings Limited Eric Siu (Finance Director) Patrick Sung (Director and Controller) |
Tel: +852 2828 9289 |
Consilium Strategic Communications Mary-Jane Elliott / Matthew Neal / Lindsey Neville |
Tel: +44 (0) 203 709 5700 |
About Cathay
Cathay International Holdings Limited (LSE: CTI.L) is a main market listed investment holding company and an operator and investor in the growing healthcare sector in the People's Republic of China (the "PRC"). The Company and its subsidiaries (collectively the "Group") aim to leverage on growth opportunities in the strong and growing domes c demand for high quality healthcare products in the PRC and build its portfolio companies into market sector leaders with competitive edge. Cathay has already demonstrated a strong track record of identifying high growth potential investment opportunities in this area including: Lansen, a leading specialty pharmaceutical company focused on rheumatology and dermatology in the PRC; Haizi, a company engaged in the manufacture, marketing and sale of inositol and its by-product, di-calcium phosphate; Natural Dailyhealth, a company engaged in production and sales of plant extracts for use as key active ingredients in healthcare products; and Botai, a company engaged in collagen products.
The Group employs approximately 2,000 people across the PRC, including over 30 specialist corporate and business development staff based at the holding company's offices in Hong Kong and Shenzhen. Cathay also has a hotel investment. For more information please visit the Company's website: http://www.cathay-intl.com.hk.
About Lansen
Lansen, whose shares are listed on the mainboard of the Hong Kong Stock Exchange, is a 50.56% owned subsidiary of Cathay. Lansen is engaged in the manufacture, distribution and development of specialty prescription drugs for treatment of autoimmune disorder in rheumatology and dermatology. Lansen is in the leading market position in disease modifying anti-rheumatic drugs ("DMARDs") for treatment of rheumatoid arthritis ("RA") in the PRC. Lansen has established an extensive distribution network, covering more than 1,000 hospitals in four municipalities, 25 provinces and cities in the PRC. For more information please visit the Lansen's website: http://www.lansen.com.cn/en/index.aspx.