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Sanjiu Group Withdraws from Listed Subsidiary(SinoCast Via Thomson Dialog NewsEdge)BEIJING, Feb 28, 2006 (SinoCast via COMTEX) --Shanghai Sanjiu Technology Development Co., Ltd.(STD), a listed subsidiary under China's pharmaceutical giant Sanjiu Enterprises Group, announced on February 26 that the State-owned Assets Supervision and Administration Commission of China has approved the transfer of shares held by its parent to another company. The Sanjiu Enterprise Group is a large state-owned company under the direct management of SASAC. It mainly operates businesses in the field of pharmaceutical, especially specializing in traditional Chinese medicine production. The brand Sanjiu owned by the group has been for many times appraised as most recognized brand in China by relevant authorities. According to the announcement, the group will sell all of its 29.5% shares in its subsidiary to a Zhejiang-based company engaged mainly in construction and real estate development. A senior director from STD expressed that after the equity acquisition, the company's business orientation will also be transferred from the previously pharmaceutical sector to real estate development and investment under its new controlling shareholder. From Jinghua Times, Page 1, Monday, February 27, 2006 [email protected] |