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.