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Zhongnongfa Seed lowers USD15.8 million to sell Henan Agrochemical

On 6 March, Zhongnongfa Seed Industry Group Ltd. (Zhongnongfa Seed) published a notice about the update of the sale of the 67% shares of Zhongnongfa Henan Agrochemical Co., Ltd. (Henan Agrochemical). In detail, by 1 March, 2018, no transferre party had appeared. To finish the transfer, Zhongnongfa Seed had decided to lower the bottom price by 10% and list it with the price of USD42.6 million on 5 March.

 

Zhongnongfa Seed plans to transfer 67% shares of subsidiary Henan Agrochemical

On 9 Oct., 2017, Zhongnongfa Seed Industry Group Ltd. (Zhongnongfa Seed) published a notice that it plans to transfer the 67% shares of its subsidiary, Zhongnongfa Henan Agrochemical Co., Ltd. (Henan Agrochemical). The transfer price will be no less than its estimated value and determined by the final deal.

 

Zhongnongfa Seed sues Henan Agrichemical for investment damages

On 15 Aug., 2017, Zhongnongfa Seed Industry Group Ltd. (Zhongnongfa Seed) made an announcement, stating that the Beijing Second Intermediate People’s Court had accepted its lawsuit against three of Zhongnongfa Henan Agrichemical Co., Ltd. (Henan Agrichemical)’s shareholders Guo Wenjiang, Zhao Junfeng and Song Quanqi for a claimed compensation of USD26.4 million. As of the time of writing, the court has yet to be held.

 

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