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Sinochem International intends to quit Nantong Jiangshan

On 30 Jan., 2018, Nantong Jiangshan Agrochemical & Chemicals Co., Ltd. (Nantong Jiangshan) announced that its largest shareholder Sinochem International Corporation (Sinochem International) was planning to let out of its stake of 29.19% and was seeking potential transferees. As of 28 Jan., Sinochem International held altogether 86.7 million shares in Nantong Jiangshan.

 

“This move is mainly out of strategic adjustments and optimisation of our capital structure,” disclosed Sinochem International, “Based on the open sales price, this deal will bring us an additional net profit of USD82.2 million, disregarding the possible changes in equity other than dividend and net profit from Nantong Jiangshan from 1 Jan., 2018 to the transfer closing date.”

 

Over the past few years, Sinochem International has moved further towards its aim of industrialisation and internationalisation. In fact, since Oct. 2017, a series of steps has been taken to accelerate this process, including the establishment of subsidiaries like Sinochem International Logistics Co., Ltd. and Shanghai Zhanyuan New Materials Technology Co., Ltd. With further concentration on its main businesses, the company has developed a complete supply chain covering R&D, production, sales and delivery.

 

“Sinochem International’s frequent equity transfers recently are meant to focus more in developing fine chemicals, high performance materials, as well as specialty chemicals, probably as its main businesses in the coming years,” commented an industry insider.

 

-ENDS-

NOTES TO EDITORS

 

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