Global Cord Blood Corporation is ultimately owned by Sanpower Group Corporation, which also holds a stake in Nanjing Xinjiekou Department Store
GLOBAL Cord Blood Corporation’s joint liquidators from Grant Thornton, a substantial shareholder of Cordlife Group, have disposed of more than 25.5 million shares in the mainboard-listed cord blood bank, the group said in a bourse filing on Monday (Aug 5).
This translates to around 10 per cent of the shares in Cordlife.
Global Cord Blood Corporation (GCBC), listed on the New York Stock Exchange, held shares in Cordlife through its indirect subsidiary China Stem Cells (East) Company.
GCBC was placed in provisional liquidation on Sep 22, 2022, through a court order by the Grand Court of Cayman Islands.
Margot MacInnis and John Royle of Grant Thornton Specialist Services (Cayman), as well as Georgia Chow of Grant Thornton Recovery and Reorganisation, were appointed joint provisional liquidators of GCBC. They are therefore deemed interested in the shares of Cordlife.
According to Cordlife’s latest annual report, GCBC is ultimately owned by Sanpower Group Corporation. Sanpower Group Corporation also holds around 27.3 per cent equity interest in Nanjing Xinjiekou Department Store, one of Cordlife’s substantial shareholders.
Nanjing Xinjiekou, through SAC Capital, previously said in letters sent to Cordlife that it is still considering making a potential offer for Cordlife’s remaining shares. However, the letter should not be construed as a firm intention to make an offer.
Nanjing Xinjiekou’s chairman Zhai Lingyun and senior associate president Chen Xiaoling are both non-independent, non-executive directors of Cordlife.
Cordlife shares were up 2.8 per cent or S$0.004 to S$0.147 at Monday’s close.
