MicroPort Scientific Corporation (00853) said it agreed to sell 12% equity interest in MicroPort Endovascular (Shanghai) Co., Ltd. to Shanghai Jiushen Private Equity Limited Partnership, Shanghai Lianmu Enterprise Management Center (Limited Partnership) and Zhangjiang Science & Technology Venture Capital Co., Ltd. for Rmb217.8 million.
Jiushen also agreed to subscribe for about 1.92% of the enlarged share capital of the target company at Rmb35.55 million. Upon completion of the capital increase, the share capital of the target company will be increased from Rmb52.94 million to Rmb53.98 million.
The estimated gain on disposal, net of relevant taxes and expenses, would be Rmb210 million. The estimated net proceeds of about Rmb232 million will be used to optimize the financial structure of MicroPort and as marketing and research and development expenses as well as general working capital of the target company.
The target company is primarily engaged in the development, manufacture, and marketing of the interventional medical devices for the treatment of endovascular related and peripheral vascular diseases.
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