Shengya manufactures and sells a variety of veterinary medicines in China that historically represented a small percentage of total revenue. The board of directors approved the sale to Mr Zhang in exchange for 5 million shares of Sunwin common stock owned by Mr Zhang. The Company is determined to streamline its product offering to focus on its core business of producing and selling stevia and other herb-based products including herb extracts, and herb medicines.
Commenting on the transaction, Sunwin CEO Dongdong Lin said: “We believe the divestiture of this subsidiary will enable our team to focus more of its efforts on our core stevia operations in China and North America. We are confident that there is a great future ahead for Sunwin both in stevia and herbal-based products and we intend to utilise all of our resources to make that great future a reality for Sunwin and its shareholders.”
Source: Sunwin International Neutraceuticals Inc
© FoodBev Media Ltd 2024