September 7 -- Both Beijing Double-crane Pharmaceutical (600062) and Beijing Wandong Medical Equipment (600055) filed today that their effective controller, China Resources National Corporation, is exempted from tendering an offer obligation to the two companies by the China Securities Regulatory Commission (SASAC), reports Shanghai Securities News.

In June, the SASAC approved the free transfer of a one-percent stake in Beijing Pharmaceutical Group from the Beijing State-owned Assets Supervision and Administration Commission to China Resources. China Resources thus controls Beijing Pharmaceutical Group and indirectly controls Double-crane and Wandong Medical.

To avoid horizontal competition between the two listed firms and its existing subsidiaries, China Resources has committed to take the two firms as its sole platform for its injection and medical device businesses. Its related businesses and assets will be injected in the two firms over the next three years.
 

Source:capitalvue