On December 12, Sinochem International Corporation announced that it intends to acquire 100% shares of five companies, namely the Sinochem Plastics Co., Ltd., Sinochem Jiangsu Co., Ltd., Sinochem Qingdao Co., Ltd., Sinochem International Chemicals (Hong Kong) Ltd. and Sinochem Japan Branch, with the transaction amount not exceeding CNY1.744 billion. The aforementioned five companies entered into the listed company system by way of agreement transfer. This is an important move for Sinochem Group to integrate the internal business of its Chemical segment as well as a solid step for Sinochem International to become a leading innovative fine chemicals enterprise.
The acquisition is expected to increase Sinochem International’s total assets by CNY2.4 billion and raise the Company's current net profit by CNY258 million. At the same time, it will also help Sinochem International to further enhance its business capability, providing customers with innovative, high quality, green products and integrated solutions in areas such as automotive chemicals, agrochemicals and electronic chemicals.