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Hubei Yihua to acquire the remaining 50% stake of its parent firm

August 10/2010

(China Knowledge) -- Hubei Yihua Chemical Industry Co Ltd on Aug. 5 announced that it will spend a total of RMB 510 million to purchase the remaining 50% stake in two chemical firms from parent Hubei Yihua Group Co Ltd.


The target assets, which are located in Hubei Province and Guizhou Province, are involved in business of fertilizer and other chemical products. Upon the completion of acquisition, Hubei Yihua Chemical will wholly own the two target firms.


On Aug. 5, the Shenzhen-listed acquiror also posted RMB 5.02 billion-operating revenue for the first half of this year, reflecting a year-on-year increase of 20.96%, and its net profit skyrocketed 199.84% to RMB 328 million.


Reportedly, Hubei Yihua Chemical Industry has decided to cancel the plan of purchasing a 48.94% stake in Qinghai Liming Chemical Co Ltd, which principally produces rocket fuel, to focus on its polyvinyl chloride project in Qinghai province.



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