Fusen Pharmaceutical Unit Offloads Entire Stake in Henan Fusen Intelligent
MT Newswires Live
Sep 22
Fusen Pharmaceutical (HKG:1652) said its subsidiary agreed to sell the entire equity interest in Henan Fusen Intelligent Energy Conservation Technology to Henan Xisheng Industrial Development for 73 million yuan, according to a Monday Hong Kong bourse filing.
Upon completion, Henan Fusen Intelligent will cease to be consolidated into Fusen Pharma's accounts, with the disposal expected to generate a gain of about 1.1 million yuan after expenses.
The company said the sale is part of a strategy to streamline operations and focus on its core pharmaceutical business.
Proceeds will be used for general working capital.
Shares of the pharmaceutical firm were up over 2% in Monday morning trade.
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