22 January 2013 09:09 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sichuan Lutianhua plans to liquidate and close one of its subsidiaries, Luzhou Lutianhua International and Economic Trading Co, the company announced in a statement on Tuesday.
Sichuan Lutianhua aims to optimize the allocation of resources and reduce its operating costs, according to the announcement filed on Shenzhen Stock Exchange.
The liquidation and closure of the trading company will not impact the company’s overseas sales as Sichuan Lutianhua has the imports and exports operating rights to itself, the company said.
Jiuhe Co Ltd, the other subsidiary of Sichuan Lutianhua, will take on the urea sales from the trading company, the company added.
The trading company was established on 7 June 2002. It focuses on importing petrochemical transportation equipment, mechanical equipment and instrument parts. It also engages in exporting company’s petrochemical products, according to the statement.
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