Shanghai Pharmaceuticals (SHA:601607, HKG:2607) proposed that its unit, Shanghai Pharmaceutical Holding, dispose of its 51% holdings in subsidiary, Shanghai Shangyao Xinte Dong'an Pharmacy, through public listing, according to a Tuesday disclosure on the Shanghai bourse.

The proposed minimum listing price is 178.5 million yuan.

Shangyao Xinte sells pharmaceuticals and operates Class III medical devices.

After the completion of the transaction, the pharmaceutical company will no longer include Shangyao Xinte in its consolidated financial statements.