China’s Qinghai Salt Lake Industry to enter PVC joint venture
29 March 2012 09:48 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s Qinghai Salt Lake Industry Group said on Thursday it will establish a joint venture with Hunan Space Kondak Plastic to produce and sell polyvinyl chloride (PVC) products.
The registered capital for the joint venture will be yuan (CNY) 300m ($47.6m), the producer said in a statement to the Shenzhen Stock Exchange.
Qinghai Salt Lake and Hunan Space Kondak Plastic will hold 95% and 5% stakes in the joint venture, respectively, according to the statement.
In a separate statement on Thursday, Qinghai Salt Lake posted a 9.4% increase year on year in its 2011 net profit to CNY 2.5bn, boosted by strong sales of potash.
The company’s potash sales in 2011 increased by 17.8% year on year to CNY5.9bn, while its operating income rose by 15.2% year on year to CNY 6.8bn in 2011, the statement said.
($1 = CNY6.30) By: Adele Zhu
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