Dentons Biochemicals intends to acquire a company for restructuring

Dentons Biochemicals Board of Directors said that the Company and an individual had entered into a memorandum of understanding concerning a subsidiary of the company that proposed to a potential seller the acquisition of all the issued shares of a Company incorporated in Hong Kong owned by a potential seller6nt
After completing a number of restructurings, the Hong Kong company is expected to hold about 49 per cent of Cornell Chemical Industries Co., a Sino-foreign joint venture established in ChinaThe contractor's initial intention is that the total cost of the proposed acquisition will be RMB277 million, to be paid in cash or by issuing shares of the Company6nt
Reasons for the acquisition6ntDentons Biochemicals is looking for opportunities to diversify its sources of income, thereby improving the group's long-term financial positionBased on the information available to the Directors, the joint venture company is mainly engaged in the manufacture of aniline, nitrobenzene, nitric acid and synthetic ammonia, and is one of the major suppliers of aniline in ChinaIt also has a number of high-value advanced technologies and plans to list its shares in China's national small and medium-sized share transfer system (also known as the "New Three Boards")One of the Group's by-products, liquid ammonia, is an upstream product used by the joint venture company to produce chemical productsThe proposed acquisition is expected to create synergies between the Joint Venture Company and the Group and is an investment opportunity for the Group to diversify its sources of revenue6ntDentons Biochemicals Board of Directors stated that the Company and an individual had entered into a memorandum of understanding concerning a proposal by a subsidiary of the company to the potential seller for the acquisition of all the issued shares of a company incorporated in Hong Kong owned by a potential seller6nt
　　After completing a number of restructurings, the Hong Kong company is expected to hold about 49 per cent of Cornell Chemical Industries Co., a Sino-foreign joint venture established in China The contractor's initial intention is that the total cost of the proposed acquisition will be RMB277 million, to be paid in cash or by issuing shares of the Company 6nt
　　Reasons for the acquisition 6nt Dentons Biochemicals is looking for opportunities to diversify its sources of income, thereby improving the group's long-term financial position Based on the information available to the Directors, the joint venture company is mainly engaged in the manufacture of aniline, nitrobenzene, nitric acid and synthetic ammonia, and is one of the major suppliers of aniline in China It also has a number of high-value advanced technologies and plans to list its shares in China's national small and medium-sized share transfer system (also known as the "New Three Boards") One of the Group's by-products, liquid ammonia, is an upstream product used by the joint venture company to produce chemical products The proposed acquisition is expected to create synergies between the Joint Venture Company and the Group and is an investment opportunity for the Group to diversify its sources of revenue 6nt
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