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Limin Chemical announced decision to terminate share transfer agreement with Shandong Damin

On 19 November 2018, Limin Chemical Co., Ltd. (Limin Chemical) made the Announcement to Terminate the Agreement on Share Transfer of Shandong Damin Chemical Co., Ltd. (Shandong Damin).

 

The company signed the Agreement on Share Transfer of Shandong Damin Chemical Co., Ltd. on 27 June 2017. Under this, Limin Chemical intended to acquire 70% of shares in Shandong Damin by cash. On 27 February 2018, the transferrer and the transferree made revision on the agreement.

 

However, the latest announcement showed that Limin Chemical terminated this agreement signed 1 year ago, because the target company failed to meet the requirements on “legal and long lasting stable ownership or use right of the properties such as land and housing”. This means that the conditions for the agreement to take effect were not fulfilled. In fact, the target company has gone through many changes. This is not in-line with the share transfer agreement and the side agreement and will do harm to each party’s interests. Such uncertainties make it hard to reach the goal set when the agreement was signed.


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