(Yicai Global) Oct. 27 -- Jilin-based Tonghua Golden-Horse Pharmaceutical Industry Co. [SHE:000766] will create a global healthcare industry investment fund in partnership with its controlling shareholder, Beijing Jin Merchants Alliance Investment Management Co., to bid for Australian clinic operator I-Med Network Pty Ltd.
The pair signed an agreement yesterday, the listed firm said in a statement, adding that the fund will be worth CNY7.76 billion (USD1.17 billion), with Tonghua Golden-Horse chipping in CNY500 million and its lead shareholder contributing CNY1 billion.
The fund will invest in high quality pharmaceutical research and manufacturing, healthcare and rehabilitation business around the world, with I-Med Network as its prime target, the statement added.
Founded in Sydney in 2000, the Australian medical imaging firm provides services for x-rays, computed tomography and positron emission computed tomography.
Tonghua Golden-Horse has been increasing its efforts to improve product quality and diversify business lines in recent years. Setting up the industry investment fund will help it build a stronger presence and enhance its competitiveness on the global market, the statement said.