Nanjing Chemical Fiber Co., Ltd. cancelled the acquisition to acquire majority stake in Shanghai Yueke New Materials Co., Ltd.
June 15, 2020
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Nanjing Chemical Fiber Co., Ltd. (SHSE:600889) entered into an letter of intent to acquire majority stake in Shanghai Yueke New Materials Co., Ltd. on June 1, 2020. The consideration is paid through cash and shares.
Nanjing Chemical Fiber Co., Ltd. (SHSE:600889) cancelled the acquisition to acquire majority stake in Shanghai Yueke New Materials Co., Ltd. on June 16, 2020.
Nanjing Chemical Fibre Co Ltd is a China-based company principally engaged in the production and sales of viscose staple fiber, polyethylene terephthalate (PET) structural core materials, and urban ecological water supply business. The Company primarily operates businesses through four segments. The Chemical segment is mainly engaged in the sales business of urban ecological water supply. The Bio-based segment mainly provides viscose staple fiber and lyocell fiber products. Shanghai Yueke segment mainly provides PET structural core material products. The Other segment is mainly engaged in the leasing of fixed assets, intangible assets, packaging materials, sales materials and other business. The Company distributes its products within the domestic market and to overseas markets.