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Limin Chemical to finish acquisition of 60% of shares of Veyong assets soon


On 25 June 2019, Limin Chemical Co., Ltd. (Limin Chemical) announced the progress made in the major asset reorganization, saying that it will hold 60% of shares of Veyong assets and Veyong assets become subsidiaries of Limin Chemical soon.


Early this year, Limin Chemical partnered with companies such as Xinjiang Xinrong Renhe Equity Investment Limited Partnership (Xinrong Renhe) to purchase 100% of shares of Veyong assets covering Hebei Veyong Bio-Chemical Co., Ltd. (Veyong Bio-chemical), Hebei Veyong Animal Pharmaceutical Co., Ltd. (Veyong Animal), and Inner Mongolia New Veyong Bio-Chemical Pesticide Co., Ltd. (New Veyong) from ENN Ecological Holdings Co., Ltd. (ENN EC) in cash. The total transaction value was USD110.7 million, of which Limin Chemical accepted 60% of shares at USD11.7 million.