May 12 -- Tianjin TASLY Pharmaceutical Co. (600535) announced Wednesday that it has ceased JV cooperation with British Northway Pharmacy for defaulting on its agreed payment, according to a company announcement.
Northway Pharmacy had promised to pay 58 million yuan for a 25 percent equity stake in Shanghai TASLY Pharmaceutical, a wholly owned subsidiary of Tianjin TASLY Pharmaceutical,and the two sides had signed an agreement on August 9, 2008. However, Northway Pharmacy failed to pay the full amount. Northway Pharmacy will pay $926,000 to Tianjin TASLY Pharmaceutical for its breach of contract.
The share price of Tianjin TASLY Pharmaceutical was down 3.38 percent to close at 28.01 yuan on Shanghai Stock Exchange Wednesday.