JBM's (Healthcare) (HKG:2161) subsidiaries Po Chai Herbal Technology and PCHT Herbal Sciences agreed to sell a 20% stake in Li Chung Shing Tong to Europharm Laboratoires, a subsidiary of Jacobson Pharma (HKG:2633), for HK$46.2 million, a Tuesday Hong Kong bourse filing said.
Li Chung Shing Tong is a Chinese medicine producer and distributor with HK$132.5 million in assets as of Oct. 31.
Upon completion of the deal, Po Chai Herbal will still own 43.9% of the total issued shares of Li Chung Shing Tong, and the target company will remain a subsidiary of JBM.
JBM plans to use the net proceeds of HK$46 million for the general working capital of the group.
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