Business / Companies

Sinochem International, Halcyon Agri discussing stake sale

(Xinhua) Updated: 2016-01-15 08:21

China's state-owned chemical firm Sinochem International said Thursday it is discussing the acquisition of a stake in Halcyon Agri Corp, a Singaporean natural rubber giant.

Sinochem International is talking with Halcyon Agri founder and CEO Robert Meyer and other related shareholders, the company said in a statement filed to the Shanghai Stock Exchange, where it is listed.

According to the statement, the Chinese firm will possibly acquire 25 to 50 percent of Halcyon Agri, a global leader in natural rubber, which is an important raw material for tires and other industrial products.

Halcyon Agri had $631.6 million in total assets at the end of September 2015, and earned $6.3 million in the first nine months last year.

Meyer founded Halcyon Agri in 2010 and holds a 29.8-percent stake in the public company.

"So far, both sides have yet to reach any deals," said the statement.

Sinochem International said the natural rubber business is one of its development strategies, and it is focusing on expansion in the industry.

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