Date
16 October 2018

Shenyang Chemical to buy Bluestar unit, filing says

Shenyang Chemical Industry (000698.CN) said it will pay 705 million yuan (US$115.21 million) to buy a polyether polyol unit from China National Bluestar (Group) Co. Ltd., according to a regulatory filing to the Shenzhen stock exchange Tuesday. Shenyang Chemical will issue up to 158 million shares to fund the acquisition of 99.33 percent of Shandong Dongda Chemical Industry Co. Ltd. Shenyang Chemical said the purchase will improve the company’s asset quality and profitability. Shandong Dongda posted a net profit of 108 million yuan in 2011 and 103 million yuan in 2012. 

– Contact HKEJ at [email protected]

AC/SK

 

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