31 January 2013 07:03 [Source: ICIS news]
SINGAPORE (ICIS)--China National Chemical Corporation (ChemChina) aims to buy 17.92% shares of Shenyang Chemical that will take its overall interest in the company to 51%, according to a notification to the Shenzhen Stock Exchange on Thursday.
Shenhua Group - a wholly-owned subsidiary of China National Blue Star which in turn is 80% owned by ChemChina - already owns 33.02% shares of Shenyang Chemical.
“ChemChina targets to raise its interest to 51% following the completion of purchase, that could help to improve long-term development of Shenyang Chemica," Shenyang Chemical said in the statement to the bourse.
The direct purchase involves 118m shares at yuan (CNY) 4.55/share ($0.7/share), the statement added.
The State-owned Assets Supervision and Administration Commission of the State Council approved the acquisition on 21 January but a final approval needs to be made by the China Securities Regulatory Commission, the statement added.
Shenyang Chemical is a state-owned listed company in chlor-alkali chemicals, deep oil processing and new chemical materials.
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