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Sinochem Hong Kong Holdings Limited Is Approved to Acquire the Fertilizer Business from Its Major Shareholder

Date:2005-08-11 Source:Sinochem Group
On July 5, 2005 Hong Kong time, Sinochem Hong Kong Holdings Limited (HKE: 0297) declared that the bill of acquiring China Fertilizer (Holdings) Company Limited from its major shareholder Sinochem Hong Kong (Group) Co., Ltd. (hereinafter referred to as Sinochem Hong Kong Group) was passed at the special shareholders' meeting.

The bill includes approving capital restructuring, increasing the company's authorized capital, acquisition agreement, whitewash waiver, non-waiver continuing related-party transaction, special authorization of allotting or issuing shares according to the placement and the general authorization of updating allotment and buying back shares.

Sinochem Hong Kong Holdings Limited is an investment holdings company. Registered and established in Bermuda on May 26, 1994, the company, with the name of Wah Tak Fung,listed ordinary shares in the main board of Hong Kong Exchange on September 30, 1996. Since Feburary 2004, Sinochem Hong Kong Group became the single largest shareholder of Wah Tak Fung which in May 2004 changed name into Sinochem Hong Kong Holdings Limited and is mainly engaged in property investment and shareholding business.

Sinochem Hong Kong Group is a wholly-owned subsidiary of Sinochem Corporation, a Fortune 500 company.