Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd. entered into an agreement to acquire 33% stake in Harbin Limin Agricultural Chemical Technology Co., Ltd. from Zhang Wenhua, Wang Xiuli, Zheng Quanjun, Bian Jiang, Huang Weiqi, Sun Lichao, Sun Zhichao, Li Yanhua, Zhao Yanbin, Pan Rui and Li Ping for approximately CNY 122 million
July 19, 2022
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Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd. (SHSE:600389) entered into an agreement to acquire 33% stake in Harbin Limin Agricultural Chemical Technology Co., Ltd. from Zhang Wenhua, Wang Xiuli, Zheng Quanjun, Bian Jiang, Huang Weiqi, Sun Lichao, Sun Zhichao, Li Yanhua, Zhao Yanbin, Pan Rui and Li Ping for approximately CNY 122 million on July 18, 2022. Within 20 working days after the signing of this agreement, the company shall pay the sellers the first 30% equity transfer price, totaling CNY 36.6 million. Within 30 working days from the completion date of the change of industrial and commercial registration of the 33% equity transfer the company shall pay the sellers the second installment of 70% of the equity transfer price, totaling CNY 85.4 million. For the year ended December 31, 2021 Harbin Limin Agricultural Chemical Technology recorded revenues of CNY 301.8 million and net profit of CNY 38 million. The board of directors of Nantong Jiangshan Agrochemical & Chemicals approved the transaction. Harbin Limin Agricultural Chemical Technology recorded total assets of CNY 402.4 million and net assets of CNY 107.2 million as of December 31, 2021.
NANTONG JIANGSHAN AGROCHEMICAL & CHEMICALS Co., LTD. is a China-based company, principally engaged in the research and development, production and sales of pesticide products, chemical products and cogeneration steam. The Company's pesticide products include glyphosate, dichlorvos, acetochlor and prochloraz, and preparations, including water aqua, missible oil and water soluble granules. The main chemical products and intermediates include caustic soda, hydrogen, chlorine and phosphorous acid. The Company is also engaged in trading business of related products.
Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd. entered into an agreement to acquire 33% stake in Harbin Limin Agricultural Chemical Technology Co., Ltd. from Zhang Wenhua, Wang Xiuli, Zheng Quanjun, Bian Jiang, Huang Weiqi, Sun Lichao, Sun Zhichao, Li Yanhua, Zhao Yanbin, Pan Rui and Li Ping for approximately CNY 122 million