May 27, 2010 / 2:16 PM / 7 years ago

UPDATE 1-Origin Agritech exits Chinese cotton seed company

1 Min Read

* 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.das@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: Krishna.das.reuters.com@reuters.net

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