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Sinochem to get listing through reverse takeover
(Xinhua)
Updated: 2005-01-28 10:37

China's State oil trader Sinochem Corp. was expected to sell fertilizer assets to Sinochem Hong Kong Holdings Ltd. for about HK$5 billion (US$641 million) in a reverse takeover, a source close to the deal said.

Sinochem Corp., China’s fifth-largest company and its largest fertilizer importer and producer of phosphate and compound fertilizers, will get an overseas listing from the deal.

Another source familiar with the deal earlier estimated the value of the assets at HK$10 billion. He said the mainland company would sell the assets to the Hong Kong-listed Sinochem in exchange for new shares, gaining a controlling stake in the listed company.

Sinochem Corp. would control about 95 percent of the enlarged issued share capital of the Hong Kong-listed company following the completion of the deal, the source close to the deal said.

Sinochem is then expected to sell down its holdings to about 75 percent to meet the Hong Kong stock exchange’s listing rules of maintaining a public flotation of 25 percent.

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