Posted on Jun 5th, 2007 with stocks:
SHA
ChinaBio Today submits: Shanghai Century Acquisition Corporation (SHA), a special-purpose acquisition company, or SPAC, listed on the American Stock Exchange, reached an agreement to buy Sichuan Kelun Pharmaceutical Co., Ltd. Kelun is the largest producer of intravenous [IV] solution products in China. After completion of the deal, Shanghai Century will become known as China Kelun Pharmaceutical Corporation.
To buy Kelun, Shanghai Century will issue 20 million new shares, which are worth almost $160 million at the present price of $7.98 for Shanghai Century. Kelun and its subsidiary companies produced revenues of $176.7 million in 2006, on which the company made a profit of $14.5 million. The transaction price reflects a price-earnings ratio of 11.
Read more >>> SeekingAlpha post.
See also >>> Shanghai Century buys China’s largest IV solutions producer.
