Restructuring in SINOMA fibre glass business

SINOMA has reached an agreement with Sinoma Science & Technology, a subsidiary company, pursuant to which SINOMA will dispose of and Sinoma Science & Technology will acquire the Taishan Equity Interest for a consideration of approximately RMB3.85 billion. Sinoma Science & Technology has also resolved to issue shares to eight qualified designated investors to raise proceeds of no more than RMB3.181 billion.

Sinoma Science & Technology specialises in fibre composites. Taishan Fiberglass Int. is the world’s fifth and China’s third largest fibre glass manufacturer, producing 50 million tpy and exporting to more than 70 countries worldwide.

This restructure will make Sinoma Science & Technology the top wind power blade supplier and the top 3 fibre glass manufacturer in China. This will integrate the company into the glass fibre field and the composite material industry.

Adapted from press release by Katherine Guenioui

Read the article online at: https://www.worldcement.com/asia-pacific-rim/01092015/restructuring-in-sinoma-fibre-glass-business-465/