HONG KONG 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)