China's Legend investment arm to invest in China pharmaceutical group - report |
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Published
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Tue, 20 Mar 2007 08:34
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SHANGHAI (XFN-ASIA) - Hony Capital, the private equity arm of Legend Holdings that counts Goldman Sachs and Temasek Holdings among its investors, will acquire state-owned Shijiazhuang Pharmaceutical Group, state media reported.'We would like to transfer the equities (of Shijiazhuang Pharm) to Legend Holdings and form a strategic partnership,' the Economic Observer cited Ji Chuntang, mayor of Shijiazhuang City in Hebei province as saying.'The audit work has been completed already,' Ji added.Hony Capital and Shijiazhuang Pharmaceutical Group declined to comment.Shijiazhuang Pharmaceutical Group with total assets of around 8 bln yuan was etablished in 1997. It has a controlling stake in Hong Kong-listed Pharmaceutical Group Ltd (HK 1093).Legend Holdings is the parent of Lenovo Group Ltd, China's largest computer maker.(1 usd = 7.74 yuan)lilian.wu@xfn.com
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Novartis 2006 China sales 2.13 bln yuan, investment 250 mln usd 