Market and product
Yihua Chemical to start chemical project in Xinjiang
Apr. 15, 2010 (China Knowledge) - Hubei Yihua Chemical Industry Co Ltd, which is principally engaged in the manufacture and sale of chemical fertilizers and chemical products, today announced that on Apr. 9 it inked a cooperative agreement to kick off construction on a chemical project in Luntai County, Xinjiang Uygur Autonomous Region.
The Shenzhen-listed firm will invest RMB 980 million during the initial stage of the project, which will have a total production capacity of 300,000 tons of synthetic ammonia and 480,000 tons of carbamide within 24 months.
During the second stage of the project, a series of acetylene, sodium hydroxide and polyvinyl chloride projects will be started. These projects will cost RMB 6 billion over the next five to ten years.
In addition, Hubei Yihua Chemical Industry will issue up to 150 million shares for RMB 18.51 apiece or RMB 2.5 billion in total, and its parent, Hubei Yihua Group, will subscribe for more than 16.2% of the to-be-issued shares.
(Source: http://www.chinaknowledge.com/)
