SH Pharm (02607)acquires subsidiaries from parent co X
11/07/2018 17:55
(Infocast News)    Shanghai Pharmaceuticals Holding (02607) said that pursuant to the letter of intent, the Company or any subsidiaries designated by the Company will acquire the 100% equity interest in each of New Century Pharmaceutical and Yide Pharmacy held by Shanghai Pharmaceutical (Group). On 11 July 2018, Shanghai Pharma Corporation and Huashi Pharmacy entered into the formal Equity Transfer Agreement with Shanghai Pharmaceutical (Group) and agreed that Shanghai Pharma Corporation and Huashi Pharmacy, each a wholly-owned subsidiary of the Company, will respectively acquire the 100% equity interest in
New Century Pharmaceutical and Yide Pharmacy held by Shanghai Pharmaceutical (Group). The transaction consideration amounted to RMB281 million. 

Shanghai Pharmaceutical (Group) is a controlling shareholder of the Company.  (SY)

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