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