Changqing Agrochemical to raise funds for its new pesticide projects

Chinese company Jiangsu Changqing Agrochemical is planning to launch a total amount of Yuan 632 million（$103 million at current exchange rate) convertible bonds to invest in its 7 pesticide projects. These projects include: 3000 tons of s-metolachlor, 300 tons of cyhalofop-butyl, 300 tons of epoxiconazole, 1000 tons of acetamiprid, 200 tons of indoxacarb, 450 tons of triasulfuron, 1000 tons of  benzodifuranone, all of which are efficient pesticides or intermediate with low toxicity and bright market prospect.
 
The projects are scheduled to be completed by 2014 and are estimated to contribute a Yuan 100 million ($ 16.2) net profit to the company.
 
Jiangsu Changqing Agrochemical is the biggest manufacturer and exporter of diphenyl ether herbicides. The operating income of the compamy has increased by 23.16% to Yuan 806 million（$132 million) in the first half of this year over the same period in 2012.