China’s Zhejiang Satellite to acquire fullshares of Zhejiang Julong

24 February 2012 06:59  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Zhejiang Satellite Petro Chemical said on Friday it got approval from its board of directors to buy full shares of Zhejiang Julong at a cost of yuan (CNY) 137m ($21.7m).

The two companies had signed a framework agreement for the acquisition on 18 January, Zhejiang Satellite said in a statement to the Shenzhen Stock Exchange.

Later Zhejiang Satellite signed a transfer agreement with Zhejiang Julong on 3 February, according to the statement.

Separately the company’s board approved a further investment of CNY200m for the under construction 450,000 tonne/year propylene (C3) project of Zhejiang Julong, according to the statement.

The acquisition is part of the strategic development plan of Zhejiang Satellite, an acrylic acid and acrylate esters producer in Zhejiang province in east China, to expand in the upstream industry.

($1 = CNY6.30)

By: Rachel Yang

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