Legend Holdings sells drugmaker

State-controlled Legend Holdings has put its 100% stake in CSPC Pharmaceutical Group, China's largest chemicals producer, up for sale for US$92.35 million (RMB631.5 million), China Business News reported. Prospective buyers should be state-owned or state-controlled and have an annual turnover of at least US$17.55 billion (RMB120 billion) and sound experience in the pharmaceutical industry and offshore mergers and acquisitions. Shijiazhuang, Hebei province-based CSPC Pharma has US$32.17 million (RMB220 million) in registered capital and employs around 800 people. As of 31 July 2008, it had US$315.88 million (RMB2.16 billion) in total assets and US$76.05 million (RMB520 million) in net assets. It posted a US$73.12 million (RMB500 million) net profit from US$808.72 million (RMB5.53 billion) in revenue last year. The newspaper said Legend bought out CSPC Pharma 16 months ago, without mentioning how much the deal was worth.