Medical Devices Business Raised USD 40 Million from Private Equity To Speed Up Business Development in China

News provided by

Golden Meditech Holdings Limited

Aug 23, 2010, 01:48 ET

HONG KONG, Aug. 23 /PRNewswire-Asia-FirstCall/ -- Golden Meditech Holdings Limited ("Golden Meditech" or the "Group," 801.HK), China's leading integrated healthcare enterprise, is pleased to announce that its medical devices business has successfully raised USD 40 million from a number of renowned private equity investors where the proceeds will fund the construction of new production lines for both medical devices and medical accessories to fund the formation of joint-venture with Fenwal Inc. The Group's interest in medical devices business will be diluted to 74.123% upon completion.

The Group's medical devices business currently consists of its medical device production operation and distribution affiliate with the former being the first and largest autologous blood recovery system manufacturer in China, while the distribution affiliate currently represents the largest medical device distributor in China.

Mr. KAM Yuen, Chairman and Chief Executive Officer of the Group, said, "The successful fund raising will allow the Group to better capture the brilliant prospects and abundant growth opportunities in the industry amidst China's ongoing medical reform and expedite market penetration of our autologous blood recovery systems into mid-tier hospitals. In addition to enhancing the scalability of the Group's operation, the fund raising is also instrumental in reflecting the intrinsic value of our medical devices business."

Mr. KAM gave emphasis to the fact that the Group saw the successful listing of two of its affiliates, China Cord Blood Corporation (CO.US) and FunTalk China Holdings Limited (FTLK.US) in the US at the end of 2009. Based on their previous closing prices, the current combined market value of the Group's stakes in these two affiliates are close to USD 261 million. Going forward, we will continue to expand each of these operations while seeking to unlock the intrinsic value of each to enhance the return for the Group and its shareholders."

About Golden Meditech Holdings Limited

Golden Meditech Holdings Limited is China's leading integrated-healthcare device and service operator, and the first medical device enterprise that was publicly listed outside of the PRC on the Stock Exchange of Hong Kong Limited (HKEx). Golden Meditech is a first-mover in China, having established dominant positions in medical devices and healthcare services markets over the years, thanks to its strengths in innovation and market expertise and the ability to capture emerging market opportunities. Going forward, the Group will continue to pursue a leading position in China's healthcare industry both through organic growth and strategic expansion.

    For enquiries, please contact:

     Investor Relations Department
     Golden Meditech Holdings Limited
     Address: 48/F, Bank of China Tower, 1 Garden Road, Central, Hong Kong
     Tel:   +852-3605-8180
     Fax:   +852-3605-8181
     Email: [email protected]

SOURCE Golden Meditech Holdings Limited

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED