China’s Sany Group to build coal-chemical JV with its subsidiaries

21 February 2012 08:21  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sany Group and its subsidiaries have set up a joint venture to carry out mining, as well as production and sale of coal and coal-based chemicals, according to a statement to the Hong Kong Stock Exchange late on Monday.

Sany group, Sany Electric and Sany Heavy Equipment International Holdings will each hold 80%, 10% and 10% stakes respectively in the new joint venture called Sany Coal Chemical Company.

According to the statement released by Sany Heavy Equipment International Holdings the registered capital of Sany Coal Chemical will be yuan (CNY) 531.8m ($84.5m).

It will engage in mining and sale of coal and the production and sale of coal-based chemical products, after it’s approved by the State Administration for Industry & Commerce, the statement added.

It is the first time the Sany Group has become involved in coal mining and coal-based chemical production.

Sany Group is a global company involved in the construction machinery industry with a vast product range of concrete machinery, excavator, crawler cranes, truck cranes, pile driving machinery, road construction machinery, port machinery, and wind turbine.

($1= CNY6.29)

By: Adele Zhu

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