SunVic to sell China plant to Arkema

SINGAPORE-LISTED SunVic Chemical Holdings is selling its plant in Taixing, China to French chemical producer Arkema for RMB3.9 billion (S$817 million).

The production facilities, held under the group's indirect wholly- owned subsidiary Taixing Jurong Chemical, will be sold, subject to SunVic shareholders' approval, to the Euronext Paris-listed Arkema's subsidiary Arkema Asie.

SunVic announced yesterday that the disposal of the production facilities, which manufacture acrylic acid and acrylate esters, will be done through the setting up of a joint venture (JV) company between Sunvic and Arkema, with SunVic receiving an initial payment of RMB1.45 billion for Arkema's initial 55 per cent stake in the JV.