Danhua Chemical Technology Co., Ltd. is planning to purchase 100% equity of Jiangsu Silbang Petrochemical Co., Ltd. by way of issuance of shares.

The transaction is valued around 11 billion yuan ($1.59 billion).

The transaction is part of the company’s asset restructuring plan.

On June 13, 2019, the company held the twenty-seventh meeting of the eighth board of directors to deliberate and pass Danhua Chemical Technology Co., Ltd. Issued Share Purchase Assets and Related Transaction Plan.

Danhua Chemical Technology to Acquire Jiangsu Silbang Petrochemical