Tianjin Pharmaceutical Holdings, the controlling shareholder of Mainboard-listed Tianjin Pharmaceutical Da Ren Tang Group, has acquired 82,200 shares on the Singapore Exchange Securities Trading Limited (SGX-ST) for US$242,952.79 ($309,560.72) or at an average price of US$2.96 per share on Feb 4.
The shares were acquired through Tianjin Pharmaceutical Holdings’ wholly-owned subsidiary, JinYao Global on Feb 4.
The purchase brought Tianjin Pharmaceutical Holdings’ total stake in the company to 43.008% from 42.997% previously. Tianjin Pharmaceutical Holdings now owns a total of 331.2 million shares, of which 5.35 million are listed on the SGX.
On Feb 5, the company announced that Tianjin Pharmaceutical Holdings, through JinYao Global, has proposed to increase its Singapore-listed shares in the company within six months from Feb 4. The move stemmed from confidence in Tianjin Pharmaceutical Da Ren Tang Group’s “future development prospects” as well as its long-term investment value.
The stake will not exceed 1% of the group’s total stake and the purchase price per Singapore-listed share will not exceed US$4 per share. Tianjin Pharmaceutical Holdings will also not spend less than RMB14.3 million ($2.6 million) but not over RMB28.59 million in buying the shares over the course of the six months.
The shares will be funded internally by JinYao Global. During the six months, JinYao Global will also not dispose of or reduce its existing stake.
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Tianjin Pharmaceutical Da Ren Tang Group said the shares already acquired and the planned six-month increase will not affect its listing status, with the 10% free-float requirement still met.
Shares in Tianjin Pharmaceutical Da Ren Tang Group closed 16 US cents higher or 5.26% up at US$3.2 on Feb 5.
