Business Activities News
- New World may invest in Sanjiu
Date: 16-Jan-2007 Sources: (Shenzhen Daily)
HONG KONG property firm New World Development Co. is in 'very preliminary?talks to invest in troubled drugmaker Sanjiu Enterprise Group, a spokeswoman for New World Development said yesterday.
Sanjiu Medical & Pharmaceutical Co., the Shenzhen-listed arm of Sanjiu Enterprise Group, said last week that consortia led by New World, Deutsche Bank and other investors had offered to assist in a plan to restructure the firm.
'It's at a very preliminary stage,'the spokeswoman said. 'The opportunity is being studied?
The bidders, also including a consortium headed by Hong Kong-listed Shanghai Industrial Group, would be formally announced at the end of January, the statement said.
A spokesman for Sanjiu declined to provide further details, while Deutsche Bank declined to comment on the company's statement.
Sanjiu's Shenzhen-listed shares rose 2.62 percent yesterday, underperforming the broader market which was up over 4 percent. Shares in the firm have risen 22 percent so far this year, extending a rally which started late last year.
Sanjiu Medical & Pharmaceutical in 2005 swung to a full-year net profit of nearly 120 million yuan, on turnover of 3 billion yuan (US$385 million).
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