Shandong Weigao Group Medical Polymer Co Ltd would sell its entire 21.7% stake in Biosensors International Group Ltd for USD312.3 million. The Chinese firm is selling the stake to focus on its core businesses, according to a report published by Reuters.

Shandong Weigao is a Hong Kong-listed medical device manufacturer based in China. The firm will sell the Biosensors stake to CB Medical Holdings Ltd. In a filing to the Hong Kong bourse, Shandong Weigao said the BIosensors stake is priced at SGD1.05 per share. This is an 11.7% premium over the company's previous closing price, the report said.

According to Shandong Weigao, the disposal will have an estimated loss of CNY449 million (USD73.69 million). The medical device maker will use the proceeds to build its main businesses. These will include medical consumables, orthopedic products, and blood purification products, Reuters reported.

Shares in Biosensors went up 1.6% to SGD0.95, the report added.