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Humanwell Healthcare to launch private placement

Jun. 29, 2012 (China Knowledge) - Wuhan Humanwell Healthcare (Group) Co Ltd <600079> announced yesterday that it plans to raise RMB 1.03 billion through a private placement.

The company said in a statement that it will issue 60 million A shares to up to 10 investors, including its controlling shareholder Wuhan Dangdai Technology Industry Group that will subscribe 16.79% of the total new shares.

The company plans to use RMB 776 million of the proceeds from the offering to acquire an 80% stake in Beijing Baron Medical Equipment Co and RMB 249 million to fund a subsidiary's relocation and GMP renovation projects.

Beijing Baron Medical Equipment, the largest distributor of Roche’s in-vitro diagnostic products in China, made a net profit of RMB 97.04 million on operating revenue of RMB 408 million in 2011.

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