AsianScientist (Apr. 7, 2014) – Golden Meditech Holdings Ltd, a Chinese healthcare company, raised US$100 million via the sale of shares in Fortress Group Ltd.
The shares, which represent approximately 28 percent of the issued share capital of Fortress Group Ltd, were sold to Sanpower Group Limited. The sales proceeds will be used as the working capital for Golden Meditech.
Mr. Kam Yuen, Chairman and Chief Executive Officer of Golden Meditech said, “With our dedication to the long term development of China’s healthcare industry, the sale of Fortress enables us to focus on our core businesses while the proceeds will allow us to explore opportunities emerging from China’s healthcare reform.”
The boards of Golden Meditech, taking into account the interests of shareholders and other stakeholders, have approved and recommended the transaction. The proposed transaction is subject to shareholder approval under the Listing Rules at the Extraordinary General Meeting of Shareholders.
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Source: Golden Meditech.
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