Sino Harbour (01663) in pharmaceutical inspection team-up

    Sino Harbour (01663) said it entered into a strategic cooperation framework agreement with Zhejiang University of Technology Assets Operation Limited and Irvine Pharmaceutical Services, Inc. (IPS).
  All parties will leverage on their respective expertise to enter into the pharmaceutical inspection industry. A new company in the People's Republic of China will be set up for the cooperation purposes.
  The new company shall have a registered capital of Rmb64 million upon establishment. Sino Harbour and Uni Assets Ltd will be injecting a capital of Rmb32.28 million and Rmb12.8 million by cash for a 52% and 20% equity stake in the new company respectively. IPS will be injecting its intangible assets for a 20% equity stake in the new company. The remaining 8% equity stake will be distributed to the qualified employees of the new company pursuant to a proposed share incentives plan. For ensuring the effective operation of the new company, the new company will acquire 100% equity interest in Hangzhou IPS Pharmaceutical Technology Co., Ltd. from the Uni Assets Ltd.
  The new company shall develop a trading platform to assist pharmaceutical products from the PRC to enter into the markets in the United States of America, Canada and the European Union.