Shares of Singapore-listed C&O Pharmaceutical Technology (COPT.SI) rose as much as 4.1% on Wednesday after it said Sumitomo Corporation (8053.T) had bought 29% of its issued shares for $96.2 million or $0.50 per share.
At 0233 GMT, C&O shares were up 2.1% at $0.495 on a volume of 5.5 million shares.
At 0233 GMT, C&O shares were up 2.1% at $0.495 on a volume of 5.5 million shares.
China-based C&O earlier told the stock exchange that controlling shareholder Gao Bin and his holding company had sold the 29% stake to Sumitomo.
Reyoung Pharmaceutical (REPL.SI), another Singapore-listed Chinese pharmaceutical company, jumped as much as 21% after it announced its plan to delist from the stock exchange.
“Pharmaceuticals is one of those sunrise sectors and if you look at the valuations, these two companies look very attractive when compared to their regional rivals,” said a local analyst.