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Sinochem International to Acquire Synthetic Materials Affiliate for 2.11 Billion Yuan

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Sinochem International (SHA:600500) plans to acquire the entire stake in affiliate Nantong Xingchen Synthetic Materials from China Blue Star for 2.11 billion yuan, according to a Wednesday filing with the Shanghai bourse.

Sinochem will pay for the stake by issuing 601.1 million A-shares to Blue Star at 3.51 yuan apiece. The shares will be subject to a 36-month lock-up period.

Following completion, Nantong Xingchen's epoxy resin and bisphenol A business will increase Sinochem International's production capacity for the two chemicals.

Shares of the chemical manufacturer rose nearly 1% in recent trade.

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