Summary by Moomoo AI
China Sky Chemical Group Co., Ltd. (“China Sky Chemical”) announced on 13 March 2024 that it has entered into a joint venture agreement with China Mine Joint Holding Group Limited (“China Mine”), agreeing to form a joint venture company with a registered capital of RMB 2,000 million. The joint venture will be mainly engaged in the production and sale of mineral and chemical products and will be established in the Hengqin district of Zhuhai, China. China Sky Chemical will own a 51% stake in the joint venture, while China Mining will own the remaining 49%. ONCE THE JOINT VENTURE IS ESTABLISHED, ITS FINANCIAL RESULTS WILL BE INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF CHINA TIAN CHEMICAL. THIS JOINT VENTURE IS A DISCLOSEABLE TRANSACTION BUT IS EXEMPTED FROM COMPLIANCE WITH CIRCULAR AND INDEPENDENT SHAREHOLDER APPROVAL REQUIREMENTS. China's Tianchemical said the move would help expand its business in the minerals and chemical products sectors and be in the interests of the company and its shareholders as a whole.