Shanghai Chlor-Alkali Chemical Co., Ltd. (SHSE:600618) agreed to acquire remaining 40% stake in Guangxi Huayi Chlor-Alkali Chemical Co., Ltd. for CNY 690 million on May 22, 2024. The consideration consists of CNY 685.1 million in cash. As part of the consideration, CNY 685.1 million was paid towards common equity.

The deal is subject to approval from shareholders, and have already been approved by board of directors of Shanghai Chlor-Alkali Chemical Co., Ltd. As of December 31, 2023, Guangxi Huayi Chlor-Alkali Chemical Co., Ltd reported total assets of CNY 4.5 billion, net assets of CNY 1.6 million, operating income of CNY 2.7 million, and net profit of CNY 140 million.