HK firm exits Biosensors for US$312.3m

Singapore

SHANDONG Weigao will be selling its entire 21.7 per cent stake in Singapore medical devices firm Biosensors International Group for US$312.3 million, because of increasing competition in China and its intention to focus on its main businesses.

Shandong Weigao, via its wholly owned subsidiary, Wellford Capital, will sell its stake to Bermuda's CB Medical Holdings at S$1.05 per share, which represents a premium of around 11.7 per cent to Biosensors' closing price of S$0.94 on Thursday.