China’s SCACC to sell stake in Ningxia Western PVC Company
16 March 2010 07:22 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s Shanghai Chlor-Alkali Chemical Co (SCACC) plans to sell its 15.53% stake in Ningxia Western PVC Company Limited at a listed price of yuan (CNY) 107.8m ($15.8m), a source from SCACC said on Tuesday.
SCACC is a leading chlor-alkali producer based in eastern Shanghai.
SCACC’s decision to sell the small stake in Western PVC Company was in order to enhance cash flow and to focus on its Shanghai operation, the source added.
Ningxia Western PVC Company Limited is a polyvinyl chloride (PVC) producer in Shizuishan city of northwestern Ningxia province.
Ningxia Younglight Chemicals Co at the same site held the remaining 84.47% stake, the source said.
($1 = CNY6.83)
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By: Judith Wang
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