Hongkong Hanxing to acquire Jinzhou Titanium

JINZHOU, CHINA: Jinzhou Titanium Industry, the only chloride TiO₂ manufacturer in China, is on the way to be acquired. On 20 March 2012, the local government reported that the equity deal of Hongkong Hanxing Investment Co Ltd is to acquire Jinzhou Titanium. The acquition has been approved by the Ministry of Commerce (MOC). The value of the acquisition is $94.9 million, becoming the largest foreign acquisition project in Jinzhou city.

After being acquired, Jinzhou Titanium will get a total investment of $121.8 million and a registered capital of $40.5 million. And it will continue to operate TiO₂ production. Hongkong Hanxing, a subsidiary of CITIC Group Corporation (CITIC Group) will get all the equity of Jinzhou Titanium that held by CITIC Jinzhou Metal Co Ltd through the acquisition. The acquisition, required to be under review by MOC and other five Chinese ministries, turns out to be time-consuming. Lot of effort made by local foreign trade and economic cooperation departments has gone into promoting the approval progress of the acquisition.

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