TIDMCTI
RNS Number : 9758Y
Cathay International Holdings Ld
09 March 2017
Cathay International Holdings Limited
("Cathay", the "Company" or the "Group")
Lansen's share reduction plan of Starry
Hong Kong, 9March 2017 - Cathay International Holdings Ltd.
(LSE: CTI.L), a leading operator and investor in the growing
healthcare sector in the People's Republic of China, announces that
its subsidiary Lansen Pharmaceutical Holdings Ltd ("Lansen") (HKEX:
503), in which the Company has a 50.56% holding, has made an inside
information announcement (the "Lansen Announcement") in Hong Kong
today about a share reduction plan (the "Share Reduction Plan") in
relation to its holding in the shares of Zhejiang Starry
Pharmaceutical Co., Ltd. ("Starry"). Starry is listed on the
Shanghai Stock Exchange, stock code 603520. The full text of the
Lansen Announcement can be found at
http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0309/LTN20170309238.pdf
and will also be made available at the Announcements & Notices
section of Lansen's homepage at
http://www.lansen.com.cn/En/Announcements&Notices.asp.
It is stated in the Lansen Announcement that Lansen Investments
(Hong Kong) Limited ("Lansen HK") and Full Keen Limited ("Full
Keen"), both indirect wholly owned subsidiaries of Lansen, hold in
aggregate 19,350,000 shares in Starry ("Starry Shares") or 16.125%
of the issued share capital of Starry. Pursuant to relevant rules
of the Shanghai Stock Exchange, the holdings in the Starry Shares
are subject to a one-year lock-up period from the date of listing
of Starry Shares on 9 March 2016, expired on 8 March 2017. As
stated in the listing prospectus of Starry, Lansen HK and Full Keen
further undertook that within the period of two years immediately
following expiry of the lock-up, they would not dispose of more
than 50% of their aggregate interests in Starry Shares in each
year, with reference to their aggregate interests as of the last
trading day of the preceding year.
As stated in the Lansen Announcement, Lansen HK and Full Keen
have notified Starry of the Share Reduction Plan, the key points of
which are as follows:
-- Number of Starry Shares to be disposed: not more than
9,675,000 Starry Shares, representing not more than 8.0625% in
Starry
-- Share reduction period: a period of six months commencing on
the third trading day of the Shanghai Stock Exchange immediately
following 10 March 2017, the date of Starry's announcement of the
Share Reduction Plan (a period of six months commencing on the 15th
trading day of the Shanghai Stock Exchange immediately following 10
March 2017 for reduction of Starry Shares through centralised
competitive bidding system on the Shanghai Stock Exchange)
-- Methods of share reduction: through (a) block trade sales,
(b) transfer agreement, or (c) centralised competitive bidding
system on the Shanghai Stock Exchange, provided that total amount
of share reduction through the centralised competitive bidding
system in any consecutive three month period shall not exceed 1% in
Starry
-- Share reduction price: with reference to the prevailing
trading price of Starry Shares on the Shanghai Stock Exchange
It is stated in the Lansen announcement that, as at the date of
the Lansen announcement, no definitive or legally binding agreement
relating to disposal of Starry Shares has been entered into by
Lansen, Lansen HK or Full Keen.
Further announcements will be made as appropriate, including any
necessary updates in relation to the Company's obligations as an
issuer whose shares are quoted on the Main Market of the London
Stock Exchange.
-ENDS-
For further enquiries, please contact:
Cathay International Holdings Limited
Eric Siu (Finance Director) Tel: +852 2828 9289
Patrick Sung (Director and Controller)
N+1 Singer
Aubrey Powell/ Lauren Kettle - Corporate Finance Tel: +44 (0) 20 7496 3000
Brough Ransom - Sales
Consilium Strategic Communications
Mary-Jane Elliott/ Matthew Neal / Lindsey Neville Tel: +44 (0) 203 709 5700
About Cathay
Cathay International Holdings Limited (LSE: CTI.L) is a main
market listed investment holding company and a leading operator and
investor in the growing healthcare sector in the People's Republic
of China (the "PRC"). The Company and its subsidiaries
(collectively the "Group") aim to leverage on growth opportunities
in the strong and growing domestic demand for high quality
healthcare products in the PRC and build its portfolio companies
into market sector leaders with competitive edge. Cathay has
already demonstrated a strong track record of identifying
high-growth potential investment opportunities in this area
including: Lansen, a leading specialty pharmaceutical company
focused on rheumatology and dermatology in the PRC; Haizi, a
company engaged in the manufacture, marketing and sale of inositol
and its by-product, di-calcium phosphate; Yangling, a company
engaged in production and sales of plant extracts for use as key
active ingredients in healthcare products; and Botai, a company
engaged in collagen products.
The Group employs approximately 2,000 people across the PRC,
including over 30 specialist corporate and business development
staff based at the holding company's offices in Hong Kong and
Shenzhen. Cathay also has a hotel investment. For more information
please visit the Company's website: www.cathay-intl.com.hk.
About Lansen
Lansen, whose shares are listed on the mainboard of the Hong
Kong Stock Exchange, is a 50.56% owned subsidiary of Cathay. Lansen
is engaged in the manufacture, distribution and development of
specialty prescription drugs for treatment of autoimmune disorder
in rheumatology and dermatology. Lansen is in the leading market
position in disease modifying anti-rheumatic drugs ("DMARDs") for
treatment of rheumatoid arthritis ("RA") in the PRC. Lansen has
established an extensive distribution network, covering more than
1,000 hospitals in four municipalities, 25 provinces and cities in
the PRC. For more information please visit the Lansen's website:
http://www.lansen.com.cn/En/index.asp.
About Starry
Starry, whose shares are listed on the Shanghai Stock Exchange
(stock code 603520), is 16.1% owned by Lansen. Starry is
specialised in the research and development, manufacture, marketing
and sales of bulk pharmaceuticals and intermediates. One of the
core products of Starry is iohexol for X-CT non-ionic contrast
agents. Starry is the largest iohexol manufacturer in the PRC and
is experienced in the production management and quality control of
bulk pharmaceuticals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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