China Biologic Products (CBPO) Announces Acquisition of Full Guizhou Taibang Ownership
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China Biologic Products, Inc. (Nasdaq: CBPO) announced that Guizhou Taibang Biological Products Co. Ltd. ("Guizhou Taibang") completed the requisite legal and administrative procedures, through which two former minority shareholders, holding a combined 15.3% equity interest in Guizhou Taibang, withdrew their respective capital contributions in Guizhou Taibang for an aggregate consideration of RMB415.0 million (approximately US$62.1 million) pursuant to an agreement dated July 31, 2016, a summary of which was filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 4, 2016. Guizhou Taibang paid the first installment of RMB90 million (approximately US$13.5 million) of the consideration to such former minority shareholders in August 2016 and will pay the balance of the consideration in accordance with the agreement. As a result of the capital withdrawal, Guizhou Taibang has become a wholly owned subsidiary of the Company.
Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We are pleased to announce the completion of the requisite procedures for capital withdrawal and acquire full equity ownership of Guizhou Taibang. Over the past several years, we have successfully focused on expanding production capacity and enhancing efficiency at Guizhou Taibang while also increasing our equity ownership from 54% to 100% after this capital withdrawal. We expect that our full ownership of the Guizhou facility will have positive impact on our 2016 earnings results through additional earnings accretion and, more importantly, will enable us to capture full benefits from future growth opportunity at our Guizhou facility."
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