November 22, 2013 / 1:11 AM / in 4 years

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

HONG KONG, Nov 22 (Reuters) - Shandong Weigao Group Medical Polymer Co Ltd said on Friday it would sell its entire 21.7 percent stake in medical device maker Biosensors International Group Ltd 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 orthopaedic 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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