SHANGHAI, Feb 16, 2006 (SinoCast via COMTEX) --China Worldbest Group, the country's biggest pharmaceutical group as well as the biggest textile group, has come up with a new restructuring plan to strip off its life science business to China Resources (Holdings) Co., Ltd., according to a well-informed source.

China Resources will consolidate the pharmaceutical assets and make a domestic main-board listing while China Worldbest will retain the textile assets.

After the consolidation, pharmaceuticals may become the main business of China Resources.

The textile assets of the Shanghai-based group were not non-performing assets, and its capital shortage mainly resulted from its excessive expansion, which put too many loans of the acquired companies to the hands of China Worldbest.

If China Resources raises money in the capital market, it will have no difficult in repaying China Worldbest's mature debts of CNY 4 billion, said the source.

The pharmaceutical assets to be disposed of include Shanghai Worldbest Pharmaceutical Co., Ltd., Beijing Pharmaceutical Group and Shanghai Pharmaceutical (Group) Co., Ltd.

From stocknews.com.cn