Parsdorf, Germany – Sinochem has converted its shareholder loans into equity for China National Chemical Equipment (Luxembourg), the parent company of machinery maker KraussMaffei. The groundwork for the change was put in place in August 2024.
As part of the new arrangement, CNCE Lux has been transferred to Sinochem company CNCE Group (Hong Kong). This now holds almost 91% of the shares, and means KraussMaffei is no longer a listed company.
Previously, CNCE Lux was wholly owned by KMCL, and listed on the Shanghai Stock Exchange. KMCL is still listed there, but as it now holds less than 10% of the shares in CNCE Lux, KraussMaffei will no longer be included in KMCL’s financial reporting. It said that the reduction in workload around the financial reporting will allow it to allocate additional resources to its core business.
“The amount, worth approximately €478m, opens up new investment opportunities for the group and ensures that we can position the company securely for the future,” KraussMaffei said. “In addition, this step shows that Sinochem, as the owner, stands firmly behind the KraussMaffei Group and reaffirms its full support for the company.”