Shanghai Fortune Industrial to buy a 3-pct stake in Tianjin Pharmaceutical

SHANGHAI (AFX-ASIA) - Shanghai Fortune Industrial Joint-Stock Co Ltd said it will use 27.8 mln yuan to acquire a 3-pct stake in Tianjin Pharmaceutical Group Co Ltd from Tianjin Development Area Pan-Asia Co Ltd.

With the acquisition, Shanghai Fortune's holdings in Tianjin Pharmaceutical will increase to 25 pct.

Shanghai Fortune's A-shares last closed at 21.92 yuan.

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