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Sinofert acquires phosphate assets for RMB 1.38 bln

Jan. 10, 2012 (China Knowledge) - Sinofert Holdings Ltd<0297>, China's largest integrated fertilizer company, announced on January 9 that it has inked a contract to acquire a 100% stake in Xundian Lomon Phosphorus Chemical Co Ltd for RMB 1.38 billion to tap redundant phosphate reserves.

Pursuant to the contract, the Hong Kong-listed buyer will acquire the phosphate assets from Sichuan Lomon Corp and Tibet Longsheng Investment Management Co Ltd.

The target assets, located in Yunnan Province, are expected to produce 300,000 tons of phosphates per year. Xundian Lomon Phosphorus Chemical's after-tax profit totaled RMB 18 million in the first nine months of 2011.

China's phosphate output might have reached between 16 million and 16.5 million tons in 2011, more than between 12 million and 13 million tons in the country's demand, said China Phosphate Fertilizer Industry Association.

Early last year, Sinofert inked a strategic framework agreement to expand its market in Kazakhstan.

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