Anhui Jiangnan Chemical Industry Co.,Ltd. signed a letter of intent to acquire an additional 4.23% stake in Xinjiang Tianhe Chemical Co., Ltd. from Tang Zhongyan, Xie Weihong, Zhang Licun, and Chen Fangning for CNY 48.5 million
June 29, 2024
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Anhui Jiangnan Chemical Industry Co.,Ltd. (SZSE:002226) signed a letter of intent to acquire an additional 4.23% stake in Xinjiang Tianhe Chemical Co., Ltd. from Tang Zhongyan, Xie Weihong, Zhang Licun, and Chen Fangning for CNY 48.5 million on June 28, 2024. A cash consideration of CNY 48.48 million will be paid by Anhui Jiangnan Chemical Industry Co.,Ltd. Upon completion, Anhui Jiangnan Chemical Industry Co.,Ltd. will own 89.62% stake in Xinjiang Tianhe Chemical Co., Ltd.
As of March 31, 2024, Xinjiang Tianhe Chemical Co., Ltd. reported total assets of CNY 1.76 billion and total common equity of CNY 1.37 billion.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board.
ANHUI JIANGNAN CHEMICAL INDUSTRY CO., LTD. is a China-based company, principally engaged in the research and development, manufacture and distribution of civilian explosives. The Company's main explosive products include colloidal emulsion explosives, powder emulsion explosives, expanded ammonium nitrate explosives, porous ammonium oil explosives, seismic charges, nonel detonators and industrial detonating fuses, among others. The Company also manufactures and sells civilian detonating equipment, as well as is engaged in the civil explosive engineering business. The Company distributes its products within domestic market and to overseas markets.
Anhui Jiangnan Chemical Industry Co.,Ltd. signed a letter of intent to acquire an additional 4.23% stake in Xinjiang Tianhe Chemical Co., Ltd. from Tang Zhongyan, Xie Weihong, Zhang Licun, and Chen Fangning for CNY 48.5 million
ANHUI JIANGNAN CHEMICAL INDUSTRY CO.,LTD. 
