logo
Share SHARE
FONT-SIZE Plus   Neg

CEO Hong Yu To Take Tibet Pharma Private

China-based Tibet Pharmaceuticals Inc. (TBET) Monday said it plans to accept a proposal from its Chairman and Chief Executive Officer Hong Yu to take the company private. Yu has offered to buy remaining shares not owned by him for $3.00 a share in cash. Following the news, shares of Tibet are up 150 percent, but still below the offer price.

"In view of market bias towards Chinese companies listed in U.S. stock exchange and our past stock performance, I hereby make an offer to purchase TBET stocks not owned by me for $3.00 per share in cash," Yu said.

The company noted that the delisting details will be announced shortly.

Yu also denied recent reports published in a website about the company auctioning its operating entity assets. "In recent days, we noticed that a website mentioned about auctioning our operating entity's assets. These were untrue and incorrect announcements. Our company is in normal business operation.," said Yu.

Tibet Pharmaceuticals is an emerging pharmaceutical company engaged in the research and manufacturing of modernized traditional Tibetan medicines in China. The company said it expects to continue to grow in China's fragmented pharmaceutical and traditional Tibetan medicine industries.

TBET is currently at...............

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Struggling fast-food giant McDonald's is trying to woo back customers to its stores with a new concept called "Experience of the Future." According to reports, as part of its "Experience of the Future" initiative McDonald's is planning to upgrade and renovate its restaurants that will provide modern... Facebook might be launching smart speakers with a touch panel next year. The touch screen could be used for 15-inch display of imageries. According to reports Facebook has already begun the pilot production in China. The new device is expected to be launched in the first quarter of 2018. Britain is the latest nation to announce that it will end the sale of new petrol and diesel cars in an effort to reduce air pollution. Britain said it will ban the sale of new petrol and diesel cars from 2040. In early July, France said it plans to end sales of all petrol and diesel vehicles in the country by 2040 as part of a plan to meet its targets under the Paris climate accord.
comments powered by Disqus
Follow RTT