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Saturday, 23 November 2013

HK firm exits Biosensors for US$312.3m


BT 20131123 JQBIO23 849371
TARGETING

 Shandong Weigao wants to focus on its main businesses - medical consumables, blood purification and orthopaedic products

Singapore
SHANDONG Weigao will be selling its entire 21.7 per cent stake in Singapore medical devices firm Biosensors International Group for US$312.3 million, because of increasing competition in China and its intention to focus on its main businesses.

Shandong Weigao, via its wholly owned subsidiary, Wellford Capital, will sell its stake to Bermuda's CB Medical Holdings at S$1.05 per share, which represents a premium of around 11.7 per cent to Biosensors' closing price of S$0.94 on Thursday.

Shandong Weigao said yesterday that it estimated a loss of around 449 million yuan (S$92.2 million) from the sale.

Net proceeds would be used as working capital and to develop its three core business units: medical consumables, blood purification and orthopaedic products.


CW8888: Cut losses as see no future in China!


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