China’s Henan XLX Fertilizer, Sinoagric to establish joint venture

27 March 2012 08:00  [Source: ICIS news]

SINGAPORE (ICIS)--China’s XLX Fertilizer said on Tuesday its wholly-owned subsidiary Henan XLX Fertilizer has signed a 50-year agreement with Sinoagric Chain to establish a joint venture facility at Henan province in central China.

The registered capital for the project is at yuan (CNY) 15m ($2.4m), according to a statement by China XLX Fertilizer to the Hong Kong Stock Exchange.

The companies will jointly invest CNY26.8m to build a 150,000 tonne/year compound fertilizer unit, the statement said.

Henan XLX Fertilizer will hold a 51% share of the project, while Sinoagric will hold a 49% stake, it added. The statement did not specify the timeline to build the plant.

Henan XLX Fertilizer is the largest fertilizer producer in the province and the fourth largest coal-based urea producer in China, while Sinoagric Chain is a key agricultural enterprise in China.

($1 = CNY6.31)

By: Rachel Yang

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