China

Sinopharm drops plan to take China Traditional Chinese Medicine private

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A logo of Sinopharm is pictured during a government-organised visit to the production line of COVID-19 vaccine by Beijing Institute of Biological Products of Sinopharm's China National Biotec Group (CNBG), in Beijing, China February 26, 2021. REUTERS/Tingshu Wang

Aug 11 (Reuters) - China Traditional Chinese Medicine Holdings (0570.HK) said on Wednesday its parent Sinopharm had decided not to proceed with a possible privatisation of the Chinese medicine maker.

Earlier this year, Reuters had reported that a consortium led by Sinopharm planned to take China Traditional Chinese Medicine Holdings (China TCM) private, in a deal that valued the firm at least $3.3 billion at the time. read more

China TCM also said the offer period in relation to the possible privatisation ended on Aug. 11.

Reporting by Indranil Sarkar in Bengaluru; Editing by Subhranshu Sahu

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