Xinjiang Tianye acquires 100% stake in Tianchen Chemical

On May 9, 2023, Xinjiang Tianye Co., Ltd. announced that it had acquired a 100% stake in Tianchen Chemical, which became a wholly owned subsidiary of Xinjiang Tianye.

Xinjiang Tianye Co., Ltd., Xinjiang Tianye (Group) Co., Ltd., and Shihezi Jinfu State-owned Capital Investment and Operation Co., Ltd., signed the "Equity transfer Agreement on Tianchen Chemical Co., Ltd." on April 12, 2023. The related party transaction announcement of Xinjiang Tianye Co., Ltd. on the acquisition of 100% equity interest in Tianchen Chemical Co., Ltd. was disclosed on April 13, 2023. On April 28, 2023, the transaction proposal was examined and approved by the company's second interim general meeting of shareholders in 2023.

Tianchen Chemical has completed the matter of removing the co-borrower, that is, the completion of the 170kt/year 1,4-butanediol project of Xinjiang Tianzhi Chenye Chemical Co., Ltd., the comprehensive utilization of calcium carbide furnace gas 200kt/year ethylene glycol and the syndicated loan contract change of the supporting project. Tianchen Chemical is no longer the joint borrower of the above syndicated loan.

After the completion of industrial and commercial change registration, Xinjiang Tianye holds a 100% stake in Tianchen Chemical, and Tianchen Chemical has become a wholly-owned subsidiary of Xinjiang Tianye.