New Ray Medicine International Holding Limited completed acquisition of 11% stake in Rui Kang Pharmaceutical Group Investments Limited from Wah Yan Healthcare for HKD 33.4 million.
The transaction is subject to approval of shareholders of Wah Yan Healthcare and shareholders of New Ray Medicine and all necessary consents, approvals authorizations, permissions, waivers, orders, exemptions of, among others, the stock exchange and/or any other governmental or regulatory authorities. As on January 26, 2017, extraordinary general meeting of China Wah Yan Healthcare Limited will be held on February 15, 2017. New Ray Medicine International Holding Limited completed acquisition of 11% stake in Rui Kang Pharmaceutical Group Investments Limited from Wah Yan Healthcare for HKD 33.36 million on January 12, 2017. New Ray Medicine International Holding Limited will acquire tranche two of 18% stake in China Biotech Services Holdings Limited for HKD 54.6 million. The Board of Directors of China Wah Yan Healthcare Limited consider the terms of the agreement are fair and reasonable and in the interests of China Wah Yan Healthcare Limited and its shareholders as a whole. The Directors recommend the shareholders of China Wah Yan Healthcare Limited to vote in favor of the transaction. China Wah Yan Healthcare Limited will use 30% proceeds for general working capital and 70% for development of existing businesses and repayment of debts. As on February 15, 2017, the shareholders of China Wah Yan Healthcare Limited rejected the tranche two share transfer of 18% stake in China Biotech Services Holdings Limited to New Ray Medicine International Holding Limited.
New Ray Medicine International Holding Limited (SEHK:6108) completed acquisition of 11% stake in Rui Kang Pharmaceutical Group Investments Limited (SEHK:8037) from Wah Yan Healthcare for HKD 33.4 million on January 12, 2017. New Ray Medicine International Holding Limited cancelled acquisition of 18% stake in Rui Kang Pharmaceutical Group Investments Limited from Wah Yan Healthcare on March 27, 2018. The tranche two share transfer of 18% has been cancelled due to rejection by shareholders in general meeting held on February 15, 2017.