December 28 -- Pharmaceutical company Hainan Haiyao (000566.SZ) plans to acquire a 7.35 percent stake in Tiandi Pharmaceutical from South Tongzheng, reports Shanghai Securities News, citing a company filing.

The transaction price will be fixed after a third-party has assessed the value of the target company's net assets.

Tiandi Pharma, founded in 2003 by Hainan Haiyao and South Tongzheng, has a registered capital of 372.02 million yuan. It mainly produces preparations, raw materials for drugs, plant extracts and intermediates.

According to Hainan Haiyao, Tiandi Pharma is profitable and the acquisition will further improve its competitiveness.

Source:capitalvue