* 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 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]
(Reporting by Krishna N. Das in Bangalore; Editing by Vyas
Mohan) ((Krishna.firstname.lastname@example.org; within U.S. +1 646
223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: