Guizhou Salvage Pharmaceutical Co.,Ltd. agreed to acquire 80% stake in Guizhou Zhongguan Biotechnology Co., Ltd. from Guizhou Shengda Biotechnology Co., Ltd. for CNY 1 million.
January 25, 2018
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Guizhou Salvage Pharmaceutical Co.,Ltd. (SHSE:600227) agreed to acquire 80% stake in Guizhou Zhongguan Biotechnology Co., Ltd. from Guizhou Shengda Biotechnology Co., Ltd. for CNY 1 million on January 25, 2018. As of present parties has not yet signed the formal share acquisition agreement but has already reached an agreement on the agreement’s main terms and conditions. Under the transaction, Guizhou Shengda Biotechnology Co., Ltd. should have a total investment of CNY 10 million in cash in Guizhou Zhongguan Biotechnology Co., Ltd. Post transaction, Guizhou Salvage Pharmaceutical Co.,Ltd. will fulfill the remaining CNY 9 million investment obligation. During the financial year December 2017, Guizhou Zhongguan Biotechnology Co., Ltd. reported assets of CNY 6.55 million, shareholders’ equity of CNY 0.35 million, revenue of CNY 0 and net loss of CNY 0.65 million. The transaction is subject to shareholders approval of Guizhou Salvage Pharmaceutical Co.,Ltd. As on January 25, 2018, transaction has been approved by the Board of Guizhou Salvage Pharmaceutical Co.,Ltd.
Guizhou Chitianhua Co Ltd, formerly Guizhou Salvage Pharmaceutical Co Ltd, is a China-based company mainly engaged in chemical production and pharmaceutical production. The chemical business mainly includes the production and sales of urea, methanol and compound fertilizer. The pharmaceutical manufacturing business mainly includes the production and sales of pharmaceuticals and medical devices. The Company's pharmaceutical products include diabetes drugs, cardiovascular drugs, dermatology drugs, gynecological drugs, digestive system drugs, endocrine drugs, psychotropic drugs, among others. The Company mainly conducts businesses within the domestic market.