Cathay International Holdings Ld Disposal of Starry Shares (8843T)
July 23 2020 - 4:50AM
UK Regulatory
TIDMCTI
RNS Number : 8843T
Cathay International Holdings Ld
23 July 2020
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Cathay International Holdings Limited ("Cathay" or the
"Company")
Disposal of Starry Shares
Hong Kong, 23 July 2020 - Cathay International Holdings Limited
(LSE: CTI.L) , an operator and investor in the growing healthcare
sector in the People's Republic of China, announces that further to
the approvals granted by Cathay's shareholders on 15 May 2020 and
by the shareholders of its subsidiary, Lansen Pharmaceutical
Holdings Limited (Lansen) (HKEX: 503), on 13 July 2020, Lansen has
further disposed on-market of an aggregate of 424,000 shares in
Zheijang Starry Pharmaceutical Co., Ltd (Starry) at the price of
RMB 78.10 per Starry Shares on 23 July 2020. The selling price of
RMB 78.10 represented 6 per cent discount to the closing price of
Starry Shares on the Shanghai Stock Exchange on 22 July 2020 .
The gross sale proceeds of disposal were approximately RMB33.11
million and, after deducting transaction costs and related tax,
expected to be approximately RMB31.18 million (approximately
US$4.46 million). Lansen is expected to recognise a net gain of
approximately USD 3.96 million, of which USD 2.09 million is
attributable to Cathay. The above-mentioned US$ amounts are
converted based on the exchange rate of US$1=RMB6.9921, and the
actual exchange rate used in conversion may be different.
As at the date of this announcement after the disposal of Starry
Shares, 4,718,855 Shares are owned by the Lansen group
(representing approximately 2.01% in Starry), which value will be
subject to market price fluctuations.
The full text of the Lansen Announcement can be found at
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0723/2020072300458.pdf
and will also be made available at the Announcements & Notices
section of Lansen's homepage at
http://holding.lansen.com.cn/en/newslist.aspx?NodeCode=10002000700050005
.
- ENDS -
For further enquiries, please contact:
Cathay International Holdings Limited
Eric Siu (Finance Director) Tel: +852 2828 9289
Patrick Sung (Director and Controller)
SPARK Advisory Partners Limited (sponsor)
Andrew Emmott / James Keeshan Tel: +44 (0) 20 3368 3555
About Cathay
Cathay International Holdings Limited (LSE: CTI.L) is a main
market listed investment holding company and an operator and
investor in the healthcare sector in the People's Republic of China
(the "PRC"). The Company and its subsidiaries (collectively the
"Group") aim to leverage on investment opportunities in the growing
domestic demand for high quality healthcare products in the PRC and
build portfolio companies into market sector leaders with
competitive edge. Cathay has already demonstrated a track record of
identifying 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-products; Natural Dailyhealth, 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 1,300 people across the PRC,
including over 20 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 main board of the Hong
Kong Stock Exchange, is a 52.83% 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 has established an
extensive distribution network, covering more than 1,500 hospitals
in four municipalities, 22 provinces and cities in the PRC. For
more information please visit the Lansen's website:
www.lansen.com.cn/en/index.aspx .
About Starry
Starry, whose shares are listed on the Shanghai Stock Exchange
(stock code: 603520). 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 generic drug manufacturer of iohexol's active
pharmaceutical ingredients in the PRC and is experienced in the
production management and quality control of bulk pharmaceuticals.
For more information please visit Starry's website:
www.starrypharm.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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