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Yatai Holding Group enters fine chemical sector，covering 2,3-dichloropyridine and other pesticide intermediates
Nov. 6, 2019
The group also plans the acquisition of 51% of shares in Lingang Yanuo Chemical held by Yanuo Biological, at an estimated price of between Yuan286 million and Yuan306 million.
According to the announcement, after the completion of the transaction, the group’s business scope will include research and development and the production and sale of pesticide and pharmaceutical intermediates, such as MNO, 3-cyanopyridine and 2,3-dichloropyridine via Lingang Yanuo Chemical, achieving its business transformation from real estate development to fine chemicals.
Lingang Yanuo Chemical produces high-tech fine chemicals and is share-controlled by Yanuo Biological, which is listed on the National Equities Exchange and Quotations (NEEQ). It is mainly engaged in research, development and the production and sale of fine chemicals-based pharmaceutical intermediates and pesticide intermediates. Its pyridine products, MNO and others chemicals are used to produce pesticides and pharmaceuticals.
From 2017 to 2018, and from January to September 2019, the net profits of Lingang Yanuo Chemical were Yuan23.3239 million, Yuan5.3697 million and Yuan32.9557 million, respectively. According to the performance targets of Yanuo Biological, the total accumulated net profit of the acquired company over three years, from 2020 to 2022, should be no less than Yuan160 million.
Source: AgroNews
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