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July 01, 2019 12:00 AM

Huafon discloses details on listing of PU resin and polyol business

Jane Ho
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    Wenzhou, Zhejiang – Huafon Spandex, the listed elastane arm of Huafon Group, has announced further details about how it will absorb the group’s PU resin and polyester polyol subsidiary, Zhejiang Huafon New Materials.

    The transaction was first announced in March. The latest announcement sets the full acquisition’s price at CNY 12bn ($1.7 bn), a 222% premium on the latter’s consolidated net assets as of April 30.

    Huafon Spandex plans to pay 10% of the total price in cash, and issue 2.6bn new shares to the new materials firm for the rest 90%. Huafon Spandex currently has 1.7bn total shares outstanding.

    The deal is slated to close by the end of 2019. The new materials firm pledges to generate at least CNY 975m, CNY 1.25bn, CNY 1.41bn net profit less non-recurring items in 2019, 2020 and 2021 respectively, the announcement said.

    In 2018, Huafon New Materials recorded CNY 1.37bn net profit less non-recurring items, higher than the pledged profit for 2019, on CNY 10.7bn revenue.

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