LifeTech Scientific Trustee to Buy Back Shares Worth HK$437 Million; Shares Plunge 9%

MT Newswires Live12-10

LifeTech Scientific's (HKG:1302) trustee agreed to acquire 230 million shares from substantial shareholder Xianjian Advanced Technology for HK$437 million or HK$1.90 apiece, a Tuesday Hong Kong bourse filing said.

Shares of the medical device manufacturer were down over 9% in Wednesday afternoon trading.

The shares will be purchased using funding to be provided by the firm for the share award scheme.

The seller, currently holding a 14.99% stake in LifeTech Scientific, will own 464.2 million, or 10.02%, of the latter's issued shares on completion, which is expected Dec. 12.

Xianjian Advanced Technology is wholly owned by Xie Yuehui, LifeTech Scientific's chairman and CEO.

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