Frontage Holdings expands CMC service in China by raising its shareholding in Frontage Suzhou to 75%
Hong Kong, China. October 25, 2019 - Frontage Holdings Corporation ( “Frontage Holdings” or “the Group”, 1521.HK), a contract research organization (“CRO”) providing integrated, science-driven research, analytical and development services with presence in both the United States and China, today announced Frontage Laboratories (Shanghai) Co., Ltd.("Frontage Shanghai"), an indirectly wholly-owned subsidiary of the Group, entered into the stock transfer agreement with an independent third party individual. According to the agreement, Frontage Shanghai will acquire 25.96% stake in Frontage Laboratories (Suzhou) Co, Ltd. (“Frontage Suzhou”) owned by the individual third party for a cash consideration of RMB 14,433,800. Upon the completion of the Acquisition, Frontage Shanghai will own a 75% stake in Frontage Suzhou. As a result, Frontage Suzhou will become a subsidiary of the Group with an indirect 75% equity. Therefore, Frontage Suzhou’s financial results, assets and liabilities will be consolidated into the Group's financial statements.