Xingfa Group intends to acquire 49% equity of Yichang Maple Chemical for RMB 480 million

Xingfa Group announced on the evening of June 21 that it intends to acquire 49% of Yichang Maple Chemical Co.
, Ltd.
held by Spar Chemical Co.
, Ltd.
at a transfer price of 480 million yuan
.
After the completion of this acquisition, Maple Leaf Chemical will become a wholly-owned subsidiary of Xingfa Group
.
According to the announcement, Yichang Fengye Chemical Co.
, Ltd.
was established in November 2003 with a registered capital of 798 million yuan
.
The operating range of phosphate rock processing and sales; mining of phosphate rock; production of ammonium phosphate, NPK and intermediate products and by-products
.
As of December 31, 2015, Maple Leaf Chemical's total assets were 830,641,500 yuan, and the net assets were 760,675,900 yuan
.
In 2015, it achieved a sales income of 319,033,400 yuan and a net profit of 25,250,500 yuan
.
The core assets of Maple Chemical are its wholly-owned subsidiaries Yichang Fengye Dianziping Phosphate Mine Co.
, Ltd.
and Yichang Fengye Shukongping Phosphate Mine Co.
, Ltd.
, respectively, which own the Dianziping Phosphate Mine and Shukongping Phosphate Mine
.
Among them, the area of ​​the Dianziping Phosphate Mine is 4.
584 square kilometers, with 30,231,400 tons of resource reserves, 29,566,400 tons of usable resource reserves, and 20,460,700 tons of recoverable reserves
.
The mining area of ​​the Shukongping Phosphate Mine is 4.
6524 square kilometers, with 33.
065 million tons of resource reserves, 30,873,200 tons of usable resources, and 23,772,400 tons of recoverable reserves
.