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The euity transfer should be subject to the regulatory approval. It suggests that Hongta Group, a leading tobacco producer in China, will quit Yunnan Baiyao, said analysts.
The tobacco producer has been a major shareholder of Yunnan Baiyao for nearly 10 years. From 1999 to 2008, its return on investment in the chemical pharmaceuticals producer amounted to over CNY 300 million.
In 1999, a subsidiary of Hongta Group bought 19 million shares in Yunnan Baiyao at a price of 3.61 apiece, or for CNY 68.59 million in total, gaining a 16.95% stake in the Shenzhen-listed company.
In early 2002, Yunnan Hongta Investment Co., Ltd., a person acting in concert with Hongta Group, paid CNY 46 million for 10.59 million shares in Yunnan Baiyao. After that, Hongta Group controlled 48.43365 million shares of the listed company, becoming its second biggest shareholder.
Source: www.163.com (August 14, 2009)
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