According to the evening announcement of Kunming Pharmaceutical on December 29, the 33rd board meeting of the 7th board of directors of the company held on December 26 passed the resolution to plan to change the company name from "Kunming Pharmaceutical Corporation" to "Kunyao Group Corporation", and change the stock abbreviation from "KPC" to "KGC" in order to further expand Chinese and international markets, integrate Chinese and foreign medicine resources and forge an international pharmaceutical enterprise leading in China and renowned in the world.
According to the announcement of Kunyao Group on December 30, the company planned to privately issue 52.83 million shares at 23.66 yuan/share to raise 1.25 billion yuan for purchasing 100% equity of Beijing Holley-Cotec Pharmaceuticals Co., Ltd. and other two projects. After the completion of issuing, Kunming Pharmaceutical will eliminate the horizontal competition due to historical problems, consolidate and improve the company's status in the international antimalarial drug market.
