Asia
PW Medtech Likely to Boost Stake in Unit via Buyback; Shares Up 3%
PW Medtech (HKG:1358) subsidiary Sichuan Ruijian Medical's proposed share repurchase could result in a deemed acquisition, the company said in an April 30 Hong Kong bourse filing.Shares of the firm were up nearly 3% in Monday's midday trade.Sichuan Ruijian plans to repurchase shares worth between 110 million yuan and 220 million yuan over three months at up to 8.40 yuan per share.Up to 26.2 million shares, representing approximately 8.53% of its total issued share capital, may be repurchased and cancelled.The company holds 48.49% of Sichuan Ruijian. Following the buyback and cancellation of shares, its stake is expected to increase to 53.01%.
HKG:1358
