7 Dec 2009 13:11

Dahongying Pharma stakes put up for sale

Shanghai. December 7. INTERFAX-CHINA - Two shareholders of Ningbo Dahongying Pharmaceutical Co. Ltd. are selling their stakes in the company, state media reported on Dec. 7.

According to China Securities Journal, Ningbo Dahongying Cigarettes Department Store Co. Ltd. will sell its entire 32.31 percent stake in Dahongying Pharma for RMB 32.88 million ($4.81 million) and China Tobacco (Zhejiang) Industrial Co. Ltd. will sell its entire 8.37 percent shareholding in Dahongying Pharma for RMB 8.52 million ($1.25 million).

The two companies did not disclose their reasons for releasing their stakes in Dahongying Pharma.

Dahongying Pharma is one of the leading pharmaceutical companies in Zhejiang Province's Ningbo City producing Western medicines, finished traditional Chinese medicines and active pharmaceutical ingredients. It sells 45 percent of its products in overseas markets.

According to Dahongying Pharma's financial reports, the company saw a net profit of RMB 98,400 ($144,070) in 2008 and net loss of RMB 24 million ($3.51 million) in 2007.Its total revenue stood at RMB 54.34 million ($7.95 million) in 2008 and RMB 57.99 million ($8.49 million) in 2007.