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On the evening of May 12, Dongfang Shenghong announced that the company intends to purchase 100% equity of Jiangsu Sierbang Petrochemical Co.
, Ltd.
No more than 35 qualified specific investors will issue shares to raise matching funds
.
Sierbang Petrochemical, which Oriental Shenghong intends to acquire this time, is a holding subsidiary of Shenghong Group.
It mainly constructs and operates a 2.
4 million t/a alcohol-based poly-generation project, which uses methanol as raw material to produce propylene, ethylene and derivative fine chemical products.
, has built 14 sets of upstream and downstream production units, with an annual sales revenue of more than 10 billion yuan
.
Statistics show that Sierbang was established in 2010 with a registered capital of 5.
588 billion yuan
.
From the financial report, Sierbang is quite high-quality, with a net profit of 933 million yuan in 2019, 530 million yuan last year, and 1.
021 billion yuan in the first quarter of this year
.
It is understood that the propane industry chain project, the key project of Sierbang, is currently in the countdown stage of sprinting and handover
.
Dongfang Shenghong stated in the announcement that through this transaction, the listed company will invest in high-quality assets with strong profitability, and the main business of the listed company will further expand and increase the research and development, production and sales of high value-added olefin derivatives.
The main product range will add a series of diversified petrochemicals and fine chemicals such as acrylonitrile, MMA, EVA, EO and its derivatives; at the same time, the main financial data such as total assets and net assets of listed companies are expected to increase, which will help To enhance the sustainable development capability and core competitiveness of listed companies, and help the company to improve its long-term profitability
.
For Dongfang Shenghong, the acquisition of Sierbang will not only help to enhance profitability, but also form synergies through complementary advantages, further improve the layout of the entire production chain of Dongfang Shenghong and achieve complementary resource advantages to create an integrated industry chain The company will enter a period of rapid development and further enhance its long-term profitability, anti-risk ability and core competitiveness
.
According to the announcement, as of the signing date of the plan, the audit and evaluation of the transaction has not been completed, and the valuation and pricing of the underlying assets have not yet been determined
.
This transaction involves the issuance of shares to purchase assets, which must be submitted to the M&A and Restructuring Committee for review and approved by the China Securities Regulatory Commission before it can be implemented
.
After applying to the Shenzhen Stock Exchange, the company's shares and convertible corporate bonds (bond abbreviation: Shenghong Convertible Bond, bond code: 127030) will resume trading from the market opening on May 13, 2021
.
