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Golden Meditech to divest its stake in China Cord Blood for 5.76B yuan

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Golden Meditech to divest its stake in China Cord Blood for 5.76B yuan

Golden Meditech Holdings Ltd. is selling the entirety of its holdings in China Cord Blood Corp. to Nanjing Yingpeng Huikang Medical Industry Investment Partnership for 5.76 billion Chinese yuan in cash.

The sale of the 65.4% stake will result in a "significant return to both the group and its shareholders," Golden Meditech said in a statement. The company plans to use the funds to consolidate its healthcare services platform while engaging in a strategic diversification.

Golden Meditech is guaranteeing performance at China Cord Blood and has agreed to make compensatory payments in case of an earnings shortfall.

As of Dec. 29, US$1 was equivalent to 6.95 yuan.