Taiyuan Chemical Industry Group Co., Ltd. completed the acquisition of assets Of Jiaohua branch from Taiyuan Chemical Industry Co., Ltd..
January 01, 2014 at 11:00 pm EST
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Taiyuan Chemical Industry Group Co., Ltd. agreed to acquire assets Of Jiaohua branch from Taiyuan Chemical Industry Co., Ltd. (SHSE:600281) for approximately CNY 380 million on November 29, 2013. For the period ending December 2012, Jiaohua branch of Taiyuan Chemical Industry reported total assets of CNY 728.17 million, total liabilities of CNY 475.15 million, net assets of CNY 253.01 million, sales of CNY 1.34 billion and net profit of CNY 5.9 million. The transaction was approved by the Board of Taiyuan Chemical Industry Co., Ltd. The transaction will be conducted before December 31, 2013. Shareholders' meeting of Taiyuan Chemical Industry Co., Ltd. is planned for December 17, 2013 to discuss the proposal of transferring assets and liabilities of its Jiaohua branch to Taiyuan Chemical Industry Group Co., Ltd. Taiyuan Chemical Industry Group Co., Ltd. Shareholders in their special shareholders meeting held on December 17, 2013 discussed and approved the transaction.
Taiyuan Chemical Industry Group Co., Ltd. completed the acquisition of assets Of Jiaohua branch from Taiyuan Chemical Industry Co., Ltd. (SHSE:600281) on January 2, 2014.
Shanxi Huayang New Material Co Ltd, formerly Taiyuan Chemical Industry Co Ltd, is a China-based company principally engaged in the business of recycling and processing of precious metals. The Company operates two main businesses. The precious metal recovery and processing business includes the production and sales of platinum group metal catalytic nets and the recovery and disposal of waste catalysts containing precious metals. The biodegradable plastic business includes the production and sales of Poly(butyleneadipate-co-terephthalate) (PBAT) and related downstream biodegradable plastic products. The Company's products include platinum alloy mesh, recycled and refined palladium and biodegradable materials and articles. The Company mainly conducts business in the domestic market.
SHANXI HUAYANG NEW MATERIAL CO.,LTD. 
