Industrial conglomerate China Resources (Holdings) Co Ltd will exit the medical equipment market by selling its controlling stake in a subsidiary, the company said on Monday.
China Resources Wandong Medical Equipment Co Ltd said in a statement to the Shanghai Stock Exchange that its parent, China Resources, plans to step back from the medical equipment business and transfer its 111.5 million shares in the company.
The transfer also includes 100 percent equity exchange of Shanghai Medical Instruments (Group) Ltd Corp, another subsidiary of China Resources dealing related businesses.
An unnamed source told Shanghai-based Oriental Morning Post that a buyer has been agreed for the proposed takeover and the price is settled.
The company's products consist of angiographic and cardiac systems, conventional X-Ray diagnostic equipment and digital medical imaging management systems, its website showed.
Chinese companies are losing out to foreign rivals such as Siemens AG and General Electric Co in radiological imaging equipment. Siemens Healthcare takes top honors in both market share and technology in Interventional Radiology, according to consultancy firm Frost & Sullivan.
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