FOSUN INTL (00656.HK): Subsidiary disposes of about 6.00% of Gland Pharma for about USD 294 million
NewTimeSpace News: On 6 September 2026, Fosun International Limited (stock code: 00656) announced that Fosun Pharma Industrial Pte. Ltd., an indirect subsidiary of the Company, disposed of an aggregate of 9,897,000 shares of Gland Pharma Limited (the Target), representing approximately 6.00% of the Target's total issued shares, on 4 September 2026 (India time) by way of block trades and centralised auction, for a total consideration of approximately INR 27.996 billion (inclusive of transaction costs), equivalent to approximately USD 294 million, at an average price of approximately INR 2,828.78 per share, a discount of about 2.72% to the previous trading day's closing price of INR 2,907.90.
Before and after the disposal, the Group held 51.76% and 45.76% of the Target, respectively. Following completion, the Target remains a subsidiary of Fosun Pharma and the Company and its financial statements will continue to be consolidated, and accordingly the disposal is not expected to result in any gain or loss for the Company. The proceeds from the disposal will mainly be used for the Fosun Pharma Group's research and development investment, share buy-backs and repayment of interest-bearing debts, and will enhance the net assets of the Fosun Pharma Group.
The Target, incorporated under the laws of India, is principally engaged in the manufacture of injectable pharmaceutical products, with its shares listed on the BSE and the National Stock Exchange of India. For the financial year ended 31 March 2026, the Target recorded an audited consolidated net profit before tax of approximately INR 14,645.80 million and a net profit after tax of approximately INR 10,273.16 million, with audited consolidated net assets of approximately INR 103,579.50 million (equivalent to approximately USD 1,085.97 million). The disposal was conducted on Indian stock exchanges through placing agents UBS Securities India Private Limited and BNP Paribas Securities India Private Limited; based on due enquiry, the placing agents and the market buyers under the block trades are independent third parties.
As one or more of the applicable percentage ratios exceed 5% but are all below 25%, the disposal constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules and is subject to the notification and announcement requirements. The Directors (including the independent non-executive directors) consider the terms of the disposal to be fair and reasonable and in the interests of the Company and its shareholders as a whole.
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