UPDATE 1-Origin Agritech exits Chinese cotton seed company
* Sells 34 pct stake in Biocentury Transgene for $8.8 mln
* Says no significant effect on 2010 results
* Shares up as much as 7 percent
May 27 (Reuters) - Origin Agritech Ltd (SEED.O), a supplier of hybrid and genetically modified crop seeds, said it has sold its minority stake of 34 percent in Chinese cotton seed producer Biocentury Transgene for RMB 60.0 million ($8.8 million) to a private investor.
Shares of Beijing-based Origin, which have risen more than 36 percent in the last six months, rose as much as 7 percent to $8.28 Thursday morning on Nasdaq. They later pared some of the gains to trade at $8.08.
Origin said the divestment will have no significant effect on revenues and earnings for 2010.
Late last year, Origin had received final-stage approval from the Chinese government for the world's first genetically modified phytase corn. [ID:nBNG486764]
($1=6.829 YUAN) (Reporting by Krishna N. Das in Bangalore; Editing by Vyas Mohan) ((Krishna.email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: Krishna.firstname.lastname@example.org))
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