Tianma Refinement announced today that it will use ultra-raised funds of 56 million yuan to purchase a 100% stake in Nantong City Nabaiyuan Chemicals.
According to the disclosure, the registered capital of Nabai Garden was 16 million yuan. As of June 30, 2011, Napa Garden’s net assets were 15.589 million yuan, operating income was 43.533 million yuan and net profit was -920,000 yuan. The company stated that the reason for the premium acquisition is mainly to take into account Nabari Park's operating conditions and future profitability, as well as the acquisition of Nabai Garden as an important part of the company's development strategy layout, which plays an important role in the development of the company's pharmaceutical intermediates business.
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