Sinochem plans to acquire assets around the world, think global
Sinochem chairman Frank Ning Gaoning says restructuring plan includes the introduction of strategic investors for various business arms in coming years
China’s US$60 billion chemical giant Sinochem Group is eyeing overseas merger and acquisition opportunities and plans to introduce strategic investors in three to five years for its business arms, according to company chairman Frank Ning Gaoning.
The state-owned enterprise (SOE) will focus on bulk petrochemical and downstream products, develop high value-added materials and life science products in the next few years, as well as invest in properties and financial services, Ning said in an email reply to the South China Morning Post.
“In the future, we will stick to internationalisation and strive to become a multinational company which is competitive in the world market, taking advantage of the Belt and Road Initiative,” Ning said, referring to China’s plan to improve global connectivity and enhance physical infrastructure.
“We will actively pay attention to possible chances of overseas mergers and acquisitions in our core business field.”
Sinochem is among bidders for a US$4 billion stake in Chile’s SQM, one of the world’s largest producers of lithium, a key component in the batteries of electric cars, the Financial Times reported on Monday, citing unnamed sources.
Sinochem declined to comment on the bid.
