Sihuan Pharmaceutical Holdings Group Ltd. (the "Company") wishes to announce that the Company has acquired a new wholly-owned subsidiary, SUN MORAL INTERNATIONAL (HK) LIMITED (the Sun Moral) in Hong Kong, The People's Republic of China (hereinafter referred to as Acquisition) with a share capital of 1(One) share of HK$1 each on 23rd November 2007.
Sun Moral would be an investment holding company. Following the aforesaid Acquisition, the Company's entire shareholdings in HAINAN SIHUAN PHARMACEUTICAL CO., LTD will be transferred to Sun Moral (hereinafter referred to as the Proposed Transfer).
The above Acquisition was funded by internal resources and is not expected to have any material impact on the earnings per share and net tangible assets per share of the Group for the financial year ending 31 December 2007. A leading pharmaceutical company in the field of cardiocerebral vascular drugs in the PRC, Sihuan Pharmaceutical Holdings Group Ltd focuses on the research and development (R&D), production as well as sales and marketing of cardiocerebral vascular (CV) and noncardiocerebral vascular (NCV) drugs in different forms and dosages.
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