On September 3, Luxi Chemical announced that Sinochem Holdings Co., Ltd. acquired 48.93% or 931 million of its shares.
The deal was a part of Sinochem’s acquisition for Sinochem Group and China National Chemical Corp.
Sinochem held 492 million shares of Luxi Chemical through its subsidiary holding company Luxi Group, making up for 25.85% of the total share capital of Luxi Chemicals, along with 439 million shares of Luxi Chemicals held through its subsidiary holding company Sinochem Investment, which accounted for 23.08% of Luxi Chemical's total equity.
After the completion of the reorganization, Sinochem's shareholding ratio accounted for nearly half. The restructuring of Sinochem's holding ratio of more than 30% means that Sinochem does not need to issue a takeover offer for Luxi Chemical.
