Zhejiang Xinhua Chemical Co.,Ltd signed an equity transfer agreement to acquire the remaining 49% stake in Zhejiang New Gamma Chemical Co., Ltd. from Gamma Chemical Co., Ltd. for CNY 12 million.
December 30, 2020
Share
Zhejiang Xinhua Chemical Co.,Ltd (SHSE:603867) signed an equity transfer agreement to acquire the remaining 49% stake in Zhejiang New Gamma Chemical Co., Ltd. from Gamma Chemical Co., Ltd. for CNY 12 million on December 29, 2020. As per terms, CNY 6 million shall be paid at the time of agreement is signed and the balance CNY 6 million shall be paid in one lump sum within one week after the completion. Upon completion, Zhejiang New Gamma Chemical Co., Ltd. will become wholly-owned subsidiary of Zhejiang Xinhua Chemical Co.,Ltd. The transaction is approved by the board of directors of Zhejiang Xinhua Chemical Co.,Ltd at the seventh meeting of the fifth board of directorate. As at September 30, 2020, Zhejiang New Gamma Chemical Co., Ltd. reported total assets of CNY 223.25 billion, net assets of CNY 184 billion.
Zhejiang Xinhua Chemical Co., Ltd. is a China-based company principally involved in the manufacture and sales of fatty amines, organic solvents, perfume flavors, hydrogen peroxide and other fine chemical products. The Company's main products are isopropylamine, monoethylamine, diethylamine, triethylamine, isopropanol, sandalwood 208, dihydromyrcenol and hydrogen peroxide, among others. The Company operates its businesses primarily in Mainland China.
Zhejiang Xinhua Chemical Co.,Ltd signed an equity transfer agreement to acquire the remaining 49% stake in Zhejiang New Gamma Chemical Co., Ltd. from Gamma Chemical Co., Ltd. for CNY 12 million.