Shandong Weigao becomes a Key Shareholder
3 October 2011, Singapore ‐ Biosensors International Group, Ltd. (“Biosensors”) and Shandong Weigao Group Medical Polymer Company Limited (“Shandong Weigao”) today announced the restructuring of the shareholding in JW Medical Systems Ltd (“JWMS”) whereby Biosensors acquired the remaining 50% equity interest in JWMS from Shandong Weigao. Biosensors now owns 100% of JWMS and welcomes Shandong Weigao as one of its key shareholders, with two representatives on its board of directors.
Under the agreement, Shandong Weigao has received from Biosensors: (i) cash payment of S$160 million (approximately equivalent to US$122 million based on exchange rate of US$1:S$1.3080), (ii) 260 million new ordinary shares, and (iii) US$120 million aggregate principal amount of 4.0% convertible notes due 2014.
Mr. Yoh-Chie Lu, Chairman of Biosensors said, “We are pleased to have obtained approvals for this deal from the relevant authorities and our shareholders. With JWMS now a fully-owned subsidiary of Biosensors, we are well-positioned to increase our presence in China’s fast-growing drug-eluting stent market. We look forward to working more closely with Shandong Weigao. Together, we will continue to build Biosensors into a world class medical device company.”
“Biosensors has become a leading developer of drug-eluting stents. We intend to actively contribute towards its future growth potential,” said Mr. Chen Xue Li, Chairman of Shandong Weigao. “We are committed to working closely with the management and board of Biosensors to further enhance and unlock the value of the company for its shareholders.”
Biosensors will consolidate JWMS’ operations into its own financial results beginning the second half of its financial year 2012.
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