Lushang Freda Pharmaceutical (SHA:600223) agreed to transfer wholly-owned subsidiary, Shandong Lushang Inzone Commercial Management for about 88.4 million yuan.
The company and buyer Lushang Furienda Health Investment are under the control of Shandong Commercial Group, according to a filing with the Shanghai bourse.
The move is part of Lushang Freda Pharmaceutical's shift to concentrate resources on its core pharmaceuticals and cosmetics operations while divesting noncore assets.
Shres of the company were down 1% Monday.
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