Shanghai INT Medical Instruments (HKG:1501) is proposing to acquire a controlling stake of at least 51% in Hangzhou Weiqiang Medical Technology, a Wednesday bourse filing said.
The purchase will be executed through a capital injection of at least 200 million yuan and the acquisition of equity interest from certain shareholders of the target firm.
Following a formal agreement regarding the purchase, the capital injected into the firm will be used for working capital and repayment of bank loans and other debts.
Hangzhou Weiqiang Medical Technology mainly engages in research, development, manufacturing, and sale of aortic and peripheral vascular interventional medical devices.
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