Renhe Pharmacy to Raise 918M Yuan to Buy Stakes in 4 Companies
By JXCN.CN Update 2011-3-2 16:45:36
March 2, capitalvue - Renhe Pharmacy (000650) plans to issue a maximum of 50 million shares at 18.36 yuan per share in an attempt to raise 918 million yuan, reports China Business News, citing a company filing.
The proceeds will be used to acquire a stake in Jiangxi Yaodu Zhangshu Pharmaceutical Limited and Jiangxi Yaodu Pharmaceutical limited from Jiangxi Yaodu Zhangshu Pharmaceutical Group. Renhe Pharmacy will also acquire a 70-percent stake in Jiangxi Pharmaceutical Limited via capital injection and plans to use remaining proceeds to buy a 55-percent stake in Jiangxi Renhe Pharmaceutical Plastic Products Limited from Renhe Group.
The Jiujiang-based firm's proposed investments are intended to diversify its existing product mix and expand its business scope.
