Sinochem Fertilizer Announces Formation of Joint Venture with Qinghai Salt Lake and Sinochem Capital Investment
December 07, 2021 at 03:51 am EST
Sinofert Holdings announced reference made to the announcement of the Company dated 12 November 2021 in relation to the proposed entry into of the Promoters Agreement by Sinochem Fertilizer with Qinghai Salt Lake and Sinochem Capital Investment for the formation of the Joint Venture. Unless otherwise defined, the terms used herein have the same meaning as those defined in the Announcement. The Board announces that Sinochem Fertilizer, Qinghai Salt Lake and Sinochem Capital Investment entered into the Promoters Agreement on 7 December 2021. Pursuant to the definitive version of the Promoters Agreement entered into by the parties, the shareholders of the Joint Venture shall make their respective cash payments within 20 business days after the business license of the Joint Venture has been obtained; and Sinochem Fertilizer shall hand over the physical assets to the Joint Venture and complete all formalities in relation to the change of owner of intellectual property rights within 20 business days after the business license of the Joint Venture has been obtained and the filing of the state-owned assets valuation report with respect to the Target Assets has been completed.