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China’s Sinochem Group and China National Chemical Corporation Ltd undertook a joint restructuring on March 31 under which the equity interests of both will be owned by a newly-incorporated company, which will be established and wholly owned by the state-owned Assets Supervision and Administration Commission on behalf of the State Council.
Sinochem and ChemChina will become the wholly-owned subsidiaries of the new holding company. This joint restructuring will create synergy, build up a world-class chemical company, and promote a high-quality development of the chemical industry in China, according to a Sinochem press release.
This joint restructuring will assist the development of the chemical industry in China. The new company will further optimise resource allocation, strengthen innovation and stimulate business growth.
The new company operates in a wide array of business sectors covering life science, materials science, basic chemicals, environmental science, rubber and tire, machinery and equipment, city operation, industrial finance, etc.
Fibre2Fashion News Desk (DS)
China's Sinochem Group and China National Chemical Corporation Ltd undertook a joint restructuring on March 31 under which the equity interests of both will be owned by a newly-incorporated company, which will be established and wholly owned by the state-owned Assets Supervision and Administration Commission on behalf of the State Council.