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Zhejiang Jiaotong Branch intends to transfer 100% equity of two subsidiaries to divest chemical business

 Last Update: 2021-09-04
 Source: Internet
 Author: User

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Sinochem News.
com Zhejiang Communications Technology announced on August 20 that the company and Sinopec Ningbo Zhenhai Refining & Chemical Co.
, Ltd.
signed the "Equity Transfer Intention Agreement
.

" The company intends to transfer its 100% equity interests in Ningbo Zhetie Jiangning Chemical Co.

The target companies of this agreement transfer are all wholly-owned subsidiaries of listed companies
.

Among them, the main products of Jiangning Company are maleic anhydride, with an annual output of 100,000 tons; sodium methoxide methanol solution, with an annual output of 50,000 tons

Zhejiang Jiaotong Branch said that due to the strong cyclicality of the chemical business, the performance fluctuates greatly, and the company's chemical business lacks industrial chain advantages
.

The company intends to withdraw from the chemical industry through this equity transfer, focus on the development of infrastructure engineering construction, optimize the industrial structure, enhance core competitiveness, and safeguard the interests of all shareholders of the company

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