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Beihai Gofar proposed to sell 50.4% stake of Hunan Gofar and exited pesticide industry

In December 2017, Beihai Gofar Marine Biological Co., Ltd. (Beihai Gofar) announced on the Shanghai Stock Exchange that it intended to transfer 50.4% stake of its controlling subsidiary, Hunan Gofar Fine Chemical Technology Co., Ltd. (Hunan Gofar) for a consideration of USD7.18 million. If this transfer could be finished, Beihai Gofar would no longer hold the equity of Hunan Gofar.

The revenue generated by Hunan Gofar in 2016 has accounted for about 42.2% of the total revenue of USD68.8 million for Gofar stake. After this transfer, Beihai Gofar would completely exit the pesticide industry for the reason that Hunan Gofar was the remaining pesticide assets for the company.

 

The main business of Hunan Gofar is pesticide, and the products are mainly carbamate serious. A securities company official said: "Carbamate pesticides are the varieties developed in the 1950s and 1960s and once kept pace with organophosphorus and pyrethroid insecticides. However, they are now being replaced by neonicotinoid and heterocyclic insecticides."

 

-ENDS-

NOTES TO EDITORS

 

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