[Alpha Biz= Reporter Kim Jisun] GC Holdings (GC) Signs Stock Purchase Agreement to Sell Stake in Hong Kong Subsidiary to CR Boya Bio, a Subsidiary of CR Pharmaceutical Group.
GC Holdings announced on the 17th that it has entered into a Stock Purchase Agreement (SPA) to sell its stake in Green Cross HK Holdings Limited to CR Boya Bio, a subsidiary of CR Pharmaceutical Group in China. Alongside this agreement, GC Green Cross and GC Green Cross Wellness have also signed a separate distribution agreement responsible for the sales of their key products in China. CR Pharmaceutical Group, a Chinese state-owned enterprise, reported approximately 244.7 billion yuan (about 47 trillion KRW) in revenue last year.
Through this transaction, GC will transfer its entire stake in Green Cross HK Holdings Limited to CR Boya Bio for a total of 1.82 billion yuan (approximately 350 billion KRW). Additionally, six companies, including GC China, a subsidiary holding the stake in Hong Kong, will be included in the sale.
GC plans to enhance its financial stability with the funds from this sale and utilize them for future investments. The company also highlighted that through CR Group's nationwide distribution network, they expect to further expand exports to China.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
