November 15 -- Lepu Medical Technology (Beijing) (300003.SZ), a maker of coronary artery intervention equipment, and its subsidiary Beijing Tiandi Hexie Technology, intend to spend 5.5 million euros to establish a Dutch Cooperative (Coop) in The Netherlands, reports yicai.com, citing a company filing.

Of the total, Lepu Medical Technology will invest 5.445 million euros for a 99 percent stake, while Tiandi Hexie Technology will invest 55,000 euros for a one percent stake.

After the establishment of its Dutch unit, the company will spend 1.39 million euros to acquire a 40 percent stake in Comed, and inject 3.47 million euros into the latter.

Following the acquisition and capital injection, Lepu Medical will hold an indirect stake of 70 percent in Comed.

Comed, founded in December 15, 2000, produces medical instruments used in the treatment of cardiovascular diseases. Its products are sold to the European, Asian, Middle Eastern and South American markets.

Comed recorded sales revenue of 7.8 million euros in 2010, and achieved compound annual growth rate of 28.3 percent in the past six years.

Shares of Lepu rose 0.56 percent to trade at 18.02 yuan per share at 10:40 today.
 

Source:CapitalVue