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Sinochem Int'l to spend RMB 3.2 billion on 2 acquisitions

Feb. 24, 2012 (China Knowledge) - Sinochem International Corp<600500>, the largest chemical products supplier in China, has announced plans to spend about RMB 3.2 billion in total on two acquisitions at home and abroad.

The Shanghai-listed firm will acquire a 35% stake in Belgium-based SIAT NV for EUR 193 million via a Singapore-listed subsidiary GMG Global Ltd.

SIAT NV, which owns a 51,500-hectare plantation mainly in oil palm cultivation for caoutchouc production, reaped EUR 54 million in net profit last year.

Sinochem International will also inject RMB 1.63 billion into Jiangsu Yangnong Chemical Group, the parent co of Jiangsu Yangnong Chemical Co Ltd<600486>, bringing its shareholdings from previous 5% to 40.53%.

The target group's net profit for the first nine months of 2011 reached RMB 286 million with operating revenue of RMB 4.57 billion. The company had RMB 7.92 billion in total assets and RMB 2.9 billion in net asset at the end of last September, sources reported.

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