Winteam Pharma (HKG:0570) invests in Zhongtai Bio Tech

   Date:2011-12-28     Source:xywlitingting

WINTEAM Pharmaceutical (00570.HK) has agreed to acquire 51% of the entire registered capital of target company Guizhou Zhongtai Biological Technology Company Limited, currently a wholly-owned subsidiary of Henan Xintai Medicine Company Limited, at a consideration of RMB153 million (HK$183.6 million).

The target company is principally engaged in research and development, production and sales of plasma-based biopharmaceutical products in the PRC.

Trading in the shares of Winteam will resume this morning.

In conjunction with the investment, the target company and Winteam also entered into a loan agreement on 22 December 2011 pursuant to which Winteam agreed to advance a loan in the amount of RMB70 million (HK$84 million) to the target company. The loan shall be utilised by the target company for repayment of the shareholder's loan owed by the target company to Henan Xintai.

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