Luye Pharma Group to Divest 34.8% Stake in Shenzhen Unit

MT Newswires Live07-23

Luye Pharma Group (HKG:2186) will divest a 34.8% stake in subsidiary Luye Pharma (Shenzhen) to investor Shenzhen Luye Private Equity Investment Fund Partnership for 1.6 billion yuan, according to a Monday filing with the Hong Kong Stock Exchange.

The stake will be sold following the investor's purchase of a 25% stake in Luye Pharma subsidiary Nanjing Luye Pharmaceutical for 1 billion yuan from Kang Hai Pharmaceutical, Hong Kong Luye, and Apex Group.

Shenzhen Luye Private Equity Investment Fund Partnership will then purchase a new 25% stake in Luye Pharma (Shenzhen) by contributing its 25% stake purchase in Nanjing Luye to Luye Pharma (Shenzhen).

The investor will then invest a further 600 million yuan into Luye Pharma (Shenzhen), the filing said.

Luye Pharma Group shares were up 1% in recent trade.

Price (HKD): $2.90, Change: $+0.03, Percent Change: +1.05%

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