Shandong Weigao Group Medical Polymer, which makes medical devices, has agreed to sell 50 per cent-owned JW Medical Systems, which makes drug-coated stents, to Singapore-listed joint venture partner Biosensors International Group for S$625.4 million (HK$3.93 billion). Of the amount, S$160 million will be paid in cash, S$317.6 million by the issue of 260 million new Biosensors shares and S$120 million by the issue of convertible notes. When the notes are converted Shandong Weigao will have a 21.6 per cent stake in Biosensors. The shares will be issued at S$1.22 each, a 0.1 per cent premium to last Friday's closing price. JW made a net profit of 288.8 million yuan (HK$346 million) last year, up 32 per cent from 2009. Net assets were 769.6 million yuan at the end of last year.
