New Fosun Funds to Support Gland Bid, Growth, Lower Debt

Hong Kong-listed Fosun Pharmaceutical plans to use new funds raised from super short-term commercial papers to back its subsidiary Jiangsu Wangban Pharmaceutical, and to add liquidity to its non-binding proposal to acquire Indian firm Gland. The group also says it has clear plans to reduce debts to obtain a higher investment rating.

SHANGHAI - Shanghai Fosun Pharmaceutical Group Co. Ltd., the Hong Kong-listed pharmaceutical arm of Fosun Group, is set to optimize its financing structure and has completed the issuance of the first tranche of super short-term commercial papers for 2016, which came after group chairman and co-founder Guangchang Guo revealed plans to reduce the company’s debts.

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