Huifeng Agrochemical to raise fund for glufosinate extensions
Chinese agrochemical enterprise Huifeng Agrochemical Ltd recently announced issue of not exceeding Yuan 1.2 billion convertible bond in support of company’s production increase, as well as for acquisition of the 48.78% of the stakes in its controlled subsidiary Yancheng Confident Biochemical Technology Ltd which is held by the minority shareholders.
According to the announcement, Yuan 686 million out of the 1.2 billion to be raised will be spent on the annually 5,000-ton glufosinate technical production line; Yuan 65.50 million on the annually 1,000-ton trinexapac-ethyl technical upgrade and Yuan 68.50 million on the annually 2,000-ton methoxyfenozide technical productions.
Yancheng Confident Biochemical Technology Ltd mainly produces 2-methyl-3-biphenylmethyanol and 3-Methoxy-2-methylbenzoic acid, which are respectively the key intermediates of bifenthrin and methoxyfenozide. After the 48.78% shares are acquired, Yancheng Confident Biochemical Technology Ltd will become a wholly-owned subsidiary of Huifeng Agrochemical.