China Resources Pharmaceuticals intends to acquire a controlling stake in Boya Biopharmaceutical Group

today (September 28), China Resources Pharmaceuticals announced on the Hong Kong Stock Exchange that it intends to acquire a controlling stake in Boya Biopharmaceutical Group.The announcement said that China Resources Pharmaceutical Holdings has entered into a letter of intent with the seller regarding the proposed acquisition. China Resources Pharmaceutical Holdings intends to acquire a controlling stake in the target company, and the terms of the proposed acquisition will not be implemented until further negotiations between China Resources Pharmaceutical Holdings and the seller.China Resources Pharmaceutical Holdings, Seller and Target Company intend to enter into the following transactions with the target company: 1. The seller will transfer part of its stake in the target company to China Resources Pharmaceutical Holdings, the details of which shall be subject to the final terms of the agreement between China Resources Pharmaceutical Holdings and the seller before they can be established; 2. The Seller will entrust China Resources Pharmaceutical Holdings with the voting rights of the Seller to hold all remaining shares of the Target Company and prompt its concerted action to waive its voting rights in the Target Company; 3. China Resources Pharmaceutical Holdings will have the right to subscribe for the new shares issued by the Target Company (not exceeding 20% of the total number of shares issued by the Target Company at the date of the Letter of Intent), details of which shall be subject to further consultation between China Resources Pharmaceutical Holdings and Target Company.
(
Sina Pharmaceutical News
)