Hubei Xingfa Chemicals Group Co., Ltd. signed an Equity Purchase Agreement to acquire additional 18.785% minority stake in Hubei Taisheng Chemical Co., Ltd. from ABC Financial Asset Investment Co., Ltd. for approximately CNY 510 million.
September 14, 2021
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Hubei Xingfa Chemicals Group Co., Ltd. (SHSE:600141) signed an Equity Purchase Agreement to acquire additional 18.785% minority stake in Hubei Taisheng Chemical Co., Ltd. from ABC Financial Asset Investment Co., Ltd. for approximately CNY 510 million on September 13, 2021. The transaction is financed from own funds. For the year ended on December 31,2020, Hubei Taisheng Chemical Co., Ltd. reported total assets of CNY 5 billion, net assets of 2 billion, operating income of CNY 4 billion and net profit of CNY 48 million.
Hubei Xingfa Chemicals Group Co Ltd is a China-based company mainly engages in the production and sales of phosphorus chemical products. The Company's main products include phosphate rock, specialty chemicals, glyphosate series products, silicone series products, fertilizers and others. Its products are applied in food, agriculture, integrated circuit, automobile, construction, chemical and other fields. The Company is also engaged in mining and beneficiation business, as well as trading and logistics business. The Company distributes its products within domestic market and to overseas markets.
Hubei Xingfa Chemicals Group Co., Ltd. signed an Equity Purchase Agreement to acquire additional 18.785% minority stake in Hubei Taisheng Chemical Co., Ltd. from ABC Financial Asset Investment Co., Ltd. for approximately CNY 510 million.