Shandong Weigao Group Medical Polymer Company Ltd, its existing joint venture partners and Nikkiso Co. Ltd. entered into the capital increase agreement.
Under the agreement, Nikkiso will subscribe for additional capital in Shandong Weigao subsidiary Weigao Blood Purification for a total consideration of 100 million Chinese yuan.
After the capital increase closes, Nikkiso and the Shandong Weigao will hold 5.0% and 46.87%, respectively, of the enlarged registered capital of Weigao Blood Purification. Further, upon closing, the subsidiary's board will expand to five members from three.
Xia Lie Bo resigned as executive director of Shandong Weigao to focus on the development of the blood purification business.
Shandong Weigao's joint venture partners include Weihai Kaide Information Technology Center LLP, Chen Lin, Xia Lie Bo and Shanghai Weike Investment Co. Ltd. The partners hold about 50.66% of the equity interest in Weigao Blood Purification.
As of Dec. 4, US$1 was equivalent to 6.62 Chinese yuan.