Cathay International Holdings Ld Disposal of Starry Shares (9881Y)
May 14 2019 - 5:54AM
UK Regulatory
TIDMCTI
RNS Number : 9881Y
Cathay International Holdings Ld
14 May 2019
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, 14 May 2019 - 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 12 April 2019 and
by the shareholders of its subsidiary, Lansen Pharmaceutical
Holdings Limited (Lansen) (HKEX: 503), on 9 May 2019, Lansen has
today disposed on-market of an aggregate of 2,400,000 shares in
Zheijang Starry Pharmaceutical Co., Ltd (Starry) at the price of
RMB 29.50 per Starry Shares.
The selling price of RMB 29.50 represented 10 per cent discount
to the closing price of Starry Shares on the Shanghai Stock
Exchange on 13 May 2019. The gross sale proceeds of disposal were
approximately RMB 70.80 million (approximately USD10.36 million),
before deducting transaction costs and related tax. Lansen is
expected to recognise a net gain of approximately USD 5.15 million,
of which USD 2.61 million is attributable to Cathay.
As at the date of this announcement after the disposal of Starry
Shares, 10,375,000 Shares are owned by the Group.
The full text of the Lansen Announcement can be found at
http://www3.hkexnews.hk/listedco/listconews/SEHK/2019/0514/LTN20190514751.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)
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 an operator and
investor in the healthcare sector in the People's Republic of China
(the "PRC"). The Group aims 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 PRC specialty pharmaceutical company focused
on rheumatology and dermatology; Haizi, a PRC inositol
manufacturer; 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 1,600 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 in Shenzhen. For more
information please visit the Company's website:
http://www.cathay-intl.com.hk.
About Lansen
Lansen, whose shares are listed on the main board of the Hong
Kong Stock Exchange, is a 50.68% 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 1,000 hospitals
in four municipalities, 25 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), is 10.65% 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 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: http://www.starrypharm.com/en/index.aspx.
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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