AgroPages-Shandong Cynda launches IPO to invest in herbicides projects-Agricultural news

Shandong Cynda launches IPO to invest in herbicides projects

Chinese agchem company, Shandong Cynda Chemical announced the initial public offering (IPO) of its ordinary shares, which are expected to be listed on the Shanghai Stock Exchange. The company plans to raise up to yuan 298 million ($48.7 million at the current rate), of which yuan 133 million ($21.7 million) will be spent on projects of 90% clethodim technical and 96% clomazone technical production, with annual capacity of 1000 tons and 1500 tons, respectively. Around yuan 115 million ($18.8 million) will be invested on 9000 tons/annual formulation production, as well as R&D, while yuan 50 million ($8.2 million) will be used as circulating found. The construction periods for all of the projects are 12 months.

Shangdong Cynda has the highest technical production capacities for clethodim and dimethomorph in China, and second highest in clomazone and imazethapyr. The company has already obtained 75 agchem registrations.

In 2013, Cynda posted operating revenues of yuan 691 million ($112.8 million), with net profit of yuan 70 million ($11.4 million). For the fist half of 2014, the sales reached to yuan 479 million ($78.2 million), and net profit recorded at yuan 63.2 million ($10.3 million). The sales of herbicide accounted for as the biggest category for both 2013 (77.1%) and first half of 2014(79.7%).