Aida Pharmaceuticals, Inc., one of mainland China's leading pharmaceutical companies, announced the Company has acquired an additional 10.61% of shares of its subsidiary Hainan Aike Pharmaceuticals, in August, bringing its total ownership to 60.61% to date. Aida Pharmaceuticals previously owned 50% of the company.

Prior to August, AIDA invested RMB 5.0 million (approximately US$631,217) directly into Hainan Aike. In August 2006, AIDA increased its position through an additional direct investment of RMB 4.5 million (approximately US$568,095) into Hainan Aike. In addition, Aida increased its position further by making a RMB 0.5 million purchase (approximately US$63,122) of the interests held by a third-party institutional shareholder, Merlin Green Canada Inc. To date, AIDA has invested RMB 10 million into Hainan Aike (approximately US$1,262,434) for a total 60.61% ownership in The Company.

Aida's management team believes it is in the best interest of Aida and its shareholders to maximize the investment opportunity by increasing its position in Aike.

Hangzhou Aida has the ability to exercise significant influence over Aike by controlling 60.61%% of the voting rights of the subsidiary.

Source:佚名