Hubei Kailong Chemical Group Co., Ltd. agreed to acquire 51.1% stake in Maxam Chemical Co., Ltd. from Maxamcorp International SL for CNY 90 million.
May 04, 2022
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Hubei Kailong Chemical Group Co., Ltd. (SZSE:002783) agreed to acquire 51.1% stake in Maxam Chemical (Shandong) Co., Ltd. from Maxamcorp International SL for CNY 90 million on April 30, 2022. The transaction price is expected to be no more than CNY 90 million and will be funded with Hubei Kailong's funds. For the year ending, March 31, 2022, Maxam Chemical reported total assets of CNY 450 million, Operating loss of CNY 11.35 million, Net loss of CNY 11.35 million, Equity of approximately CNY 370 million. The transaction has been approved by the Board of Directors of Hubei Kailong.
HUBEI KAILONG CHEMICAL GROUP CO., LTD. is principally engaged in the manufacture and distribution of industrial explosives. The Company primarily provides modified ammonium nitrate-fuel oil explosives, including modified ammonium nitrate-fuel oil explosives for rocks; expanded ammonium nitrate explosives, including expanded ammonium nitrate explosives for rocks and expanded ammonium nitrate explosives for coal mines; emulsion explosives, including emulsion explosives for rocks and emulsion explosives for coal mines, as well as seismic explosive columns, including seismic explosive columns with low, medium and high detonation velocities, high power seismic explosive columns, emulsion seismic explosive columns and high strength seismic explosive columns. Its products are applied in petroleum, coal, mining, metallurgy, transportation, hydraulic, electric power, construction, national defense and other fields.
HUBEI KAILONG CHEMICAL GROUP CO., LTD. 