09 January 2012 08:10 [Source: ICIS news]
GUANGZHOU (ICIS)--China’s Sinofert Holdings said on Monday that its wholly owned subsidiary Sinochem Fertilizer has, on 8 January, signed an agreement to acquire a 100% equity interest in Yunnan-based Xundian Lomon Phosphorus Chemical for yuan (CNY) 1.38bn ($218m).
Sinochem Fertilizer is purchasing 10% of Lomon Corp’s interest and 90% of Tibet Longsheng’s interest, according to a Sinofert statement to the Hong Kong Stock Exchange.
Xundian Lomon is mainly engaged in the exploration, mining and production of feed-grade phosphate products in China.
Sinofert said Xundian Lomon’s abundant reserves of phosphate resources will help it expand from a fertilizers trader and producer to a phosphate-resource owner. The acquisition would also help strengthen Sinofert’s presence in southwestern China.
($1 = CNY6.31)
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