BEIJING, June 28 (Xinhua) -- Cedar holdings has completed the acquisition of a 51 percent stake in Granite Capital, a subsidiary company of Integra.
This deal helped the Chinese private company take a step forward in the upstream of the international chemical supply chain and at the same time further promote the construction of the Belt and Road Initiative.
The acquisition was conducted through Cedar holdings’ wholly-owned sub-subsidiary Zibo Qixiang Tengda Chemical Co. to buy 51% stake of Granite.
Qixiang Tengda will enter into the international chemical supply chain, and the company's business will further extend to the upstream raw materials and overseas markets, said Han Gang, vice president of Cedar Holdings, adding that the acquisition will establish an important platform for the company's overseas development .
Integra is a well-known petrochemical commodity trader and has stable raw material supply channels in Europe, the Middle East and Southeast Asia along the Belt and Road.
(Edited by Yang Yifan, yangyifan@xinhua.org)
A single purchase
