China's Shandong Weigao to sell entire stake in Biosensors for $312.3 million

HONG KONG Thu Nov 21, 2013 8:09pm EST

A lab technician in Singapore performs quality control checks on a biodegradable stent, which is inserted into constricted coronary arteries to help keep them open and normalise blood flow during the treatment heart ailments, September 18, 2008. REUTERS/Vivek Prakash

A lab technician in Singapore performs quality control checks on a biodegradable stent, which is inserted into constricted coronary arteries to help keep them open and normalise blood flow during the treatment heart ailments, September 18, 2008.

Credit: Reuters/Vivek Prakash

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HONG KONG (Reuters) - Shandong Weigao Group Medical Polymer Co Ltd (1066.HK) said on Friday it would sell its entire 21.7 percent stake in medical device maker Biosensors International Group Ltd (BIOS.SI) for $312.3 million to focus on its main businesses.

The Hong Kong-listed medical device maker will sell the Biosensors stake to CB Medical Holdings Ltd at S$1.05 per share, representing an 11.7 percent premium over Biosensors' previous close, Shandong Weigao said in a filing to the Hong Kong bourse.

Shangdong Weigao said it estimated 449 million yuan ($73.69 million) loss from the disposal, while the proceed would be used to strengthen its principal businesses in medical consumables, blood purification and orthopedic products.

Shares in Biosensors rose 1.6 percent to S$0.95.

($1 = 6.0932 Chinese yuan)

(Reporting by Donny Kwok; Editing by Anand Basu)

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