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Sweet taste as profit set to rise
By Ding Yining |
May 6, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI Pharmaceuticals Holding Co, China's second-largest drug distributor, estimated net profit to increase more than 50 percent this year to 2.1 billion yuan (US$323 million) as it benefits from its extensive drug sales channels and manufacturing lines.
The company's Hong Kong initial public offering will be open to individual subscribers today and will close at noon next Thursday. Trading will commence on May 20.
The 664 million new shares will be sold between HK$21.80 (US$2.81) and HK$26 apiece and the firm is expected to raise HK$15.9 billion, based on the mid-point of the price range.
"Our strategy in the next three years will be to secure an average of 20 percent annual growth of existing businesses as well as actively push forward merger and acquisition deals," said Shanghai Pharma chairman Lu Mingfang.
These acquisitions will be in high-end products and key regions, namely in northern, southern and eastern China.
"We aim to become a worldwide influential pharmaceutical group in three to five years," Lu added.
The firm has secured four cornerstone investors in the share sale - Singapore government investment firm Temasek Holdings, Malaysian investment group Guoco, pharmaceutical giant Pfizer and Bank of China Group Investment. The four investors will buy a total of US$550 million worth of shares.
The company's Hong Kong initial public offering will be open to individual subscribers today and will close at noon next Thursday. Trading will commence on May 20.
The 664 million new shares will be sold between HK$21.80 (US$2.81) and HK$26 apiece and the firm is expected to raise HK$15.9 billion, based on the mid-point of the price range.
"Our strategy in the next three years will be to secure an average of 20 percent annual growth of existing businesses as well as actively push forward merger and acquisition deals," said Shanghai Pharma chairman Lu Mingfang.
These acquisitions will be in high-end products and key regions, namely in northern, southern and eastern China.
"We aim to become a worldwide influential pharmaceutical group in three to five years," Lu added.
The firm has secured four cornerstone investors in the share sale - Singapore government investment firm Temasek Holdings, Malaysian investment group Guoco, pharmaceutical giant Pfizer and Bank of China Group Investment. The four investors will buy a total of US$550 million worth of shares.
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