October 20 -- Shandong Kingenta Ecological Engineering’s (RCode: 002470:) Yunnan subsidiary intends to spend 76 million yuan to acquire a 56 percent stake in Yunnan Zhongzheng Chemical Industry, reports Yicai.com, citing a company filing.

Zhongzheng Chemical recorded total assets of 137 million yuan and debt of 40.69 million yuan as of August 31, with cumulative revenue of 202 million yuan and net profit of 23.88 million yuan.

Zhongzheng Chemical produces ammonium phosphate, sulfate, phosphate rock, fertilizers, chemical raw materials, and chemical industrial equipment.

Kingenta Ecological Engineering said the acquisition is aimed at obtaining phosphorus resources and addressing its problem of raw material shortages.

Source:CapitalVue