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



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