| By PR Newswire |
| Thursday, 22 November 2007 |
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Referring to the controversial proposed introduction of another strategic investor following DSM, Wang Xuegong, Director of North China Pharmaceutical Group Corporation (NCPC)’s Capital Operations Division, said on 16 November that the company’s cooperative programs with DSM have been submitted for approval. |
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The proposed introduction of another strategic investor announced by NCPC last month has raised concerns that |
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NCPC, China’s leading maker of penicillin and Vitamin C, may be majority-controlled by foreign companies. The move is a major step towards the company’s goal of a diversified ownership structure, and will not clash with the company’s partnership with DSM, Wang stressed.
Considering NCPC’s leadership in China’s penicillin and Vitamin C sectors, several companies, including China General Technology (Group) Holding, a wholly-state-owned company, have contacted NCPC about the introduction of another strategic investor, according to sources. However, no progress has been achieved so far. |
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NCPC and DSM announced an overall cooperation agreement in October 2005. As part of the overall cooperation, DSM acquired a 25% stake in NCPC and obtained a 49% shareholding in the joint ventures with NCPC.
Wei-Ming Jiang, President of DSM China (Ltd.), said the company will continue its strategic cooperation with NCPC, and is pleased to see NCPC bring another strategic investor on board. |
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