China’s Sinochem International to raise capital of subsidiary

12 March 2012 04:12  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinochem International said over the 10-11 March weekend that it plans to increase the capital of its wholly owned subsidiary, Sinochem International Overseas, by up to $205m (€156m) as part of its overseas development plan.

Sinochem International Overseas has performed well in recent years, with its 2011 sales revenue at yuan (CNY) 29.2bn ($4.63bn) and its net profit at CNY233m, according to Sinochem International’s statement to the Shanghai Stock Exchange.

After the capital increment, Sinochem International will continue to hold full interest in Sinochem International Overseas, the statement said.

In a separate statement over the weekend, Sinochem International said it posted a 15.7% year-on-year increase in its net profit to CNY775m in 2011, boosted by the strong sales of its petrochemical products and natural rubber (NR).

Its sales revenue rose by 39.3% year on year to CNY55.3bn last year, according to the statement.

Singapore-registered Sinochem International Overseas trades petrochemicals, rubber and metallurgical products, while Sinochem International trades and distributes chemicals, metallurgical and energy products.

 ($1 = €0.76 / $1 = CNY6.31)

By: Rachel Yang

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