Abandoning the dawn to buy the speed of PVC project in Qinghai Province

A few days ago, Hubei Yi Chemical (000422) subsidiary Qinghai decided to cancel the acquisition of Qinghai Liming Chemical Co., Ltd. 48.94% shareholding plan, the reporter learned that this will help Hubei Yi-Qinghai PVC (PVC) project to promote. According to the announcement, based on industry-related considerations, Qinghai has decided to give up the acquisition of Liming Chemical Equity, but also stop since September 2009 on the dawn of the trusteeship of chemical relations. Hubei Yi Changwei told reporters: "Liming Chemical main production is rocket fuel type of military products, this is not related to the company's existing products, and the company's profitability is not good, so we canceled the acquisition plan." "Public information shows that as of December 31, 2008, Liming Chemical total assets of about 290 million yuan, net assets of about 150 million yuan."　　2008 year, the company achieved sales revenue of about 89.77 million yuan, a loss of 6.739 million yuan. However, the reporter learned that Hubei Yi to give up the acquisition of the dawn of the chemical there is another reason, that is, hope to obtain in foreign order the PVC project electrolytic cell equipment, accelerate the promotion of Qinghai PVC project. People familiar with the matter told reporters: "Because liming chemical industry is a military enterprise, so foreign equipment manufacturers can not be delivered in time." Local government, listed companies and suppliers have a lot of communication, the final result is Hubei to abandon the acquisition, to ensure that the relevant equipment on time delivery. "In June this year, Hubei province, announced that the appropriate to invest in Qinghai-built annual production capacity of 300,000 tons of PVC project, the total investment of about 1.62 billion yuan, the construction cycle of one year."　　After the completion of the project, the estimated annual operating income is expected to be about 2.29 billion yuan, the average annual profit of about 640 million yuan. It is reported that Hubei should be converted to Qinghai PVC project in foreign order of the electrolytic cell equipment has been completed, due to liming chemical problems, the above equipment has not yet been delivered.　　Hubei is expected to abandon the acquisition of Liming Chemical, the above equipment delivery is expected to speed up. In addition, in September 2009, the trusteeship of the dawn of chemical Industry, Qinghai also hosted the Qinghai Modest Chemical limited liability company 100% stake, and intends to acquire its full equity. Qinghai to give up the acquisition of Liming Chemical, and did not give up the letter of chemical industry. Changwei told reporters: "Modest letter chemical and liming Chemical situation is not the same, modest letter chemical No problem, the future will still be in accordance with the planned acquisition of the company 100% of the equity." ”