Beijing -- ChemChina listed half stakes in chemical group Bluestar’s subsidiaries, isocyanate maker Bluestar (Tianjin) Chemical and petrochemical development and sales company Fuzhou Bluestar Chemical, on the China Beijing Equity Exchange in January.
Both subsidiaries are 100% owned by ChemChina affiliate China National Chemical Equipment, and the 50% stakes were listed at CNY 141m ($21m) for Bluestar (Tianjin) and CNY 244m for Fuzhou Bluestar.
The two subsidiaries have both been running at a deficit. In 2014 Bluestar (Tianjin) saw an CNY 18m net loss on a CNY 7m revenue; in the same year Fuzhou Bluestar had CNY583,000 net loss on CNY373,000 sales.
Bluestar (Tianjin), currently employing 150 staff, has several suspended projects in the city including a 70kT/year MDI project, a 130kT/year TDI project, a 15kT/year ADI project and a 200kT/year caustic soda project.
ChemChina has been on a buying spree overseas. Earlier in January it grabbed German polyurethane and plastics machinery maker KraussMaffei and a 12% stake in Swiss energy trader Mercuria.
XE Currency Conversion: 27 January 2016