China’s Sinochem eyes around 61% stake in Jiangsu Sinorgchem

14 June 2012 05:00  [Source: ICIS news]

SINGAPORE (ICIS) – China’s major chemical trader Sinochem International (Sinochem) said on Thursday that it plans to acquire a stake of around 61% in rubber additive producer Jiangsu Sinorgchem Technology at a maximum of yuan (CNY) 2.82bn ($444m).

To complete the deal, Sinochem will buy out Hong Kong Carlyle Sinorgchem Industry, which currently holds a 40% interest in Jiangsu Sinorgchem Technology, Sinochem said in a statement to the Shanghai Stock Exchange.

Sinochem will acquire the remaining stake of around 21% from eight individual shareholders of Jiangsu Sinorgchem Technology, the statement said.

The acquisition will enhance Sinochem’s presence in rubber chemical business and help the company to become a leading provider of rubber products worldwide, it said.

($1 = CNY6.35)

By: Fanny Zhang
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly