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    A7S   SG1U49933948

SUNVIC CHEMICAL HOLDINGS LIMITED

(A7S)
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Shenzhen Qianhai Gatsway Petrochemical Co., Ltd cancelled the acquisition of Jiangsu Jurong Petrochemicals Co., Ltd from SunVic Chemical Holdings Limited, Jiangsu Jurong Chemical Co., Ltd. and Whitefield Capital Inc..

07/10/2020 EST

Shenzhen Qianhai Gatsway Petrochemical Co., Ltd entered into a framework agreement to acquire Jiangsu Jurong Petrochemicals Co., Ltd (JJP) from SunVic Chemical Holdings Limited (SGX:A7S), Jiangsu Jurong Chemical Co., Ltd. and Whitefield Capital Inc. (vendors) for approximately CNY 790 million on September 2, 2016. Upon the agreement becoming effective, the management and control of Jiangsu Jurong Petrochemicals will be transferred to Shenzhen Qianhai Gatsway in consideration of a first tranche payment of CNY 50 million. If, during the one year period from the effective date of the agreement (the “Trial Period”), Jiangsu Jurong Petrochemicals (under the management and control of Shenzhen Qianhai Gatsway) is able to operate normally such that products of an acceptable quality for sale are produced continuously for at least a period of one month, and the sellers have not directly or indirectly affected the normal operations of Jiangsu Jurong Petrochemicals, then after the trial period, the sellers and Shenzhen Qianhai Gatsway will execute a definitive sale and purchase agreement for the remaining consideration of CNY 338 million. One year after the registration of transfer of the sale shares, Shenzhen Qianhai Gatsway shall pay the sum of CNY 400 million to Jiangsu Jurong Chemical, which shall constitute full settlement of all outstanding liabilities of Jiangsu Jurong Petrochemicals. The agreement shall only take effect upon the approval of the Board and shareholders of SunVic Chemical Holdings. SunVic Chemical Holdings intends to use the sale proceeds for working capital purposes. As of January 8, 2020 Shenzhen Qianhai Gatsway Petrochemical Co., Ltd. transferred the management and control rights of Jiangsu Jurong Petrochemicals back to Jiangsu Jurong Chemical Co., Ltd., SunVic Chemical Holdings Limited and Whitefield Capital Inc. Shenzhen Qianhai Gatsway Petrochemical Co., Ltd cancelled the acquisition of Jiangsu Jurong Petrochemicals Co., Ltd from SunVic Chemical Holdings Limited (SGX:A7S), Jiangsu Jurong Chemical Co., Ltd. and Whitefield Capital Inc. (vendors) on July 10, 2020. On September 18, 2020, the Audit Committee of Sunvic Chemical Holdings Limited informed that Jiangsu Jurong Chemical Co., Ltd. (JJC) had previously received the amount of CNY 50 million in full from Shenzhen Qianhai Gatsway Petrochemical Co., Ltd by November 15, 2017. JJC had refunded the amount of CNY 44 million on September 3, 2020 and retain CNY 6 million. Shenzhen Qianhai Gatsway Petrochemical had previously taken over the management and control rights of JJP and costs and expenses will be borne by Shenzhen Qianhai Gatsway Petrochemical. Shenzhen Qianhai Gatsway Petrochemical could no longer proceed with the transaction due to its financial constraints. People's Republic of China counsel of vendors advised that it is in the interest of the Vendors to terminate the framework agreement. The Board of Directors and the Audit Committee of Sunvic Chemical Holdings Limited is of the opinion that the termination agreement was in the best interest of Sunvic Chemical Holdings Limited and had accordingly, rectified the entering into of the termination agreement by JJC.


ę S&P Capital IQ 2020
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Managers and Directors
Lihua Sun Chief Executive Officer & Executive Director
Wei Hua Chen Finance Manager
Poh Beng Koh Lead Independent Director
Poh Huat Lua Independent Director
Jennie Liu Manager-Investor Relations
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