Center Laboratories Inc (晟德大藥廠) yesterday said it has completed the sale of part of its stake in Hong Kong-listed Ausnutria Dairy Corp (澳優乳業) to a Chinese investor.
The company sold a 10.35 percent stake, or 130 million Ausnutria shares, at HK$5.18 apiece, to CITIC Agri Fund Management Co (中信農業基金), netting NT$2.56 billion (US$82.59 million) in proceeds.
While the one-time windfall is expected to boost the company’s earnings per share by NT$20, Center Laboratories would no longer hold a controlling stake or include Ausnutria in its financial results, the company said.
However, it would still book its share of profits by the dairy maker, the company added.
As part of the sale, CITIC Agri would also purchase an additional 249 million newly issued Ausnutria shares, pushing the Chinese buyers’ holding to 23.97 percent, while Center Laboratories would remain a major shareholder with a 23.74 percent stake.
Center Laboratories was founded as an oral medical solutions maker and now fashions itself as a leading private equity investor and an industrial bank in the biotechnology sector.
The company said that while it has been an investor in Ausnutria since 2014, it sought a strategic partner in CITIC Agri to cope with ongoing US-China trade tensions to secure its long-term growth prospects.
Center Laboratories added that Ausnutria last month was selected to be included in the Shenzhen-Hong Kong Stock Connect cross-boundary investment channel linking the two exchanges.
The company also announced that it has halted a transfer of treasury shares to its employees as a global market rout has sent its shares reeling.
Its stock price has dropped from NT$72 at the end of last month to NT$55.2 yesterday.
The company’s revenue in the first nine months of this year rose 39.53 percent year-on-year to NT$18.85 billion.
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