Nanjing Redsun acquire three agrochemical companies in China

Nanjing Redsun to acquire three agrochemical companies in China

3:50 PM, 9th August 2011
Nanjing Redsun to acquire three agrochemical companies in China

 

NANJING, CHINA: Nanjing Redsun has raised 2 billion Yuan to acquire three Chinese agrochemical companies owned by NFPG: Nanjing Biochem, Anhui Biochem and Redsun Trading. The acquisitions will help Nanjing Redsun in building an integral system of intermediates, technical ingredients and formulation products in pyridine, pyrethroids and hydrocyanic acid business.

The China Securities Regulatory Commission (CSRC) has approved a private refinancing plan regarding Nanjing Redsun’s private placement to Nanjing First Pesticide Group (NFPG). Nanjing BioChem and Anhui BioChem are manufacturers mainly engaging in agrochemical and related intermediates such as paraquat, diquat, pyridine, trichloropyrid and PMIDA and they each earned net profit of 1200 million Yuan and 1760 million Yuan last year. Redsun Trading is a trading company mainly engaged in agrochemical, seeds and agricultural machinery business.

The former largest share holder of Nanjing Redsun, Redsun Group, will additionally offer 227 million shares at 9.18 Yuan per share to NFPG, who indirectly controls Nanjing Redsun through holding 49 per cent shares of Redsun Group, making NFPG a 44.75 per cent owner and largest owner of Nanjing Redsun. After the private offering, Nanjing Redsun is expected to be the largest agrochemical company in China.

© WOC News

 

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