Gofar Marine Biological Industry opting out of pesticide business
Date:12-05-2017
Gofar Marine Biological Industry Ltd has announced to offer 50.4091% of its stakes in Hunan Gofar Fine Chemical Technology Ltd for a price of Yuan47.50 million at the Shanghai Stock Exchange. After completion of the assignment, Gofar Marine Biological Industry Ltd will not hold any shares in Hunan Gofar Fine Chemical Technology Ltd.
In 2016, the income generated by Hunan Gofar Fine Chemical Technology accounted for 42.2% of the total income, that is Yuan455 million, of Gofar Marine Biological Industry. Moreover, Hunan Gofar Fine Chemical Technology is the only pesticide business unit within the Gofar Marine Biological Industry. Therefore, this share transfer indicates a complete withdrawal by Gofar Marine Biological Industry from the pesticide business.
Pesticides is the key business of Hunan Gofar Fine Chemical Technology, as backed up by carbamates. Huang Xiangyang, a researcher with Shenzhen Lonteng Assets Management, said, “This is a pesticide variety that was developed in the fifties and sixties of the last century. It used to be a prime pesticide on par with organophosphorus and pyrethroids. However, this product is now being replaced by nicotinic and heterocyclic insecticides.”
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