Cangzhou, Hebei –Shanghai-listed TDI maker Cangzhou Dahua plans to float 35 m more shares on the Shanghai exchange to raise RMB1.1bn ($175mn) in April 2014.
The capital raised will be pumped into four projects including a plan to upgrade the technology of a third of its 150kT/year TDI facilities, and its DNT facilities. Other investments are to be fertiliser and chlor-alkali based, the firm said.
The TDI project has RMB446m scheduled for investment and was started in 2013. Construction is expected to take 27 months, and when completed, the project will raise the company’s TDI capacity from 150kT/year to 180kT/year. The change in technology will see o-dichlorobenzene replace chlorobenzene as solvent.
According to the company’s announcement, China’s domestic demand for TDI will continue to increase for a long period, and South America, Africa and the Middle East also have significant growth potential for TDI imports from China.
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