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Agreement signed between Sichuan Fuhua and Sinochem International for assignment of 29.19% of stakes in Jiangshan at cash payment of Yuan1.8 billion
Oct. 12, 2018
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Event Reviews:
30 January 2018: Sinochem International announced its intention to let out its 29.19% of stakes in Jiangshan Agrochemical and Chemicals and gave an open offer.
20 August 2018: the State-owned Assets Supervision and Administration Commission of PRC approved the open offer of Sinochem International for let out of its 86,684,127 shares in Jiangshan (29.19% of total stakes in Jiangshan).
From 22 August to 4 September 2018: Sinochem International received effective application materials and deposit from the potential assignee Sichuan Fuhua.
29 September 2018: an effectiveness-conditional share transfer agreement was executed between Sinochem International and Sichuan Fuhua.
A report of Sichuan Fuhua reveals its total assets of Yuan10.091 billion and total liabilities of Yuan7.015 billion with asset-liability ratio at 69.52%. Its business income of current year is Yuan4.435 billion, 29.67% up year on year; operating costs are Yuan4.227 billion, 30.86% up year on year; and net profit attributable to mother company is Yuan179 million, 30.85% up year on year.
Sichuan Fuhua's mother company Fuhua Tongda has China’s most complete glyphosate industrial chain, the most intensive recycling production process and the most cost-effective chemical industry cluster. Jiangshan is mainly engaged in glyphosate, dichlorvos and other pesticide products as well as caustic soda, resin, glycine and other chemical products. It is also one of the largest glyphosate producers in China.
Source: AgroNews
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