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March 24, WanhuaChemical recently issued an announcement that the existing industrial layout of Wanhua Chemical Fujian Industrial Park is mainly polyurethane-related projects in the western area of Jiangyin Gangcheng Economic Zone, including Wanhua Chemical Group Co.
, Ltd.
and Fujian Petrochemical Group Co.
, Ltd.
in the western area of Jiangyin Gangcheng Economic Zone.
Wanhua Chemical (Fujian) Co.
, Ltd.
was established as a joint venture according to the shareholding ratio of 80% and 20%.
Wanhua Fujian is mainly responsible for the construction of TDI, PVC, syngas and supporting air separation, liquid ammonia, aniline and other equipment and terminal construction; Wanhua Chemical (Fujian) Co.
, Ltd.
and employee-owned companies Ningbo Zhongtao Investment Co.
, Ltd.
and Fujian Yitong Investment Co.
, Ltd.
respectively held the original Fujian Cornell Isocyanate Co.
, Ltd.
with 64%, 20%, and 16% of the shares, and the acquisition was completed.
It was later renamed Wanhua Chemical (Fujian) Isocyanate Co.
, Ltd.
, mainly responsible for the construction of the main MDI plant and some supporting public works
.
WanhuaWanhua
According to the company's plan, in the future, the petrochemical industry chain will be planned in the east area of Jiangyin Gangcheng Economic Zone, Fujian Province, and the PDH propane dehydrogenation to propylene and the downstream industry chain of propylene will be preliminarily planned.
The petrochemical resources in the east area can be used to form the source of raw materials for the project in the west area.
The interconnection of the west area, the east and west areas supply raw materials for each other upstream and downstream, share the basic supporting facilities, and promote the improvement of the maximum benefit of the park
.
Based on the mutual supply of raw materials, public works and other materials between the projects in the east and west areas, as well as the current equity structure after the acquisition of the west area, the equity structure of the main investor in the east area is planned to be held by Wanhua Chemical Group Co.
, Ltd.
Tao Investment Co.
, Ltd.
holds 20% of the shares and establishes a new joint venture company with the proposed name "Wanhua Chemical (Fujian) New Materials Co.
, Ltd.
" (the final approval by the industry and commerce), with a registered capital of 3 billion yuan, responsible for the Eastern District Project advancement
.
Basic information of the investment target:
For this foreign investment, Wanhua Chemical Group Co.
, Ltd.
holds 80% of the shares and Ningbo Zhongtao Investment Co.
, Ltd.
holds 20% of the shares.
A new joint venture company will be established, and the proposed name is "Wanhua Chemical (Fujian) New Materials Co.
, Ltd.
" (Finally subject to the approval of the industry and commerce), the registered capital is 3 billion yuan, and both parties will contribute in cash
.
According to the company's plan, the petrochemical industry chain will be planned in the east area of Jiangyin Gangcheng Economic Zone in Fujian in the future, and the PDH propane dehydrogenation to propylene and the propylene downstream industry chain will be initially planned
.
This foreign investment can not only ensure that Wanhua Chemical will lead the project construction with a shareholding ratio not lower than that of the West Zone, but also effectively mobilize the enthusiasm of Wanhua Chemical employees, ensure the fairness of the transactions of legal entities in the East Zone and West Zone, and maximize the interests of listed companies
.
