Yizheng Chemical Fibre Intends to Acquire Yihua Unifi     

On August 1st, Sinopec Yizheng Chemical Fibre Co., Ltd. (Yizheng Chemical Fibre, SH: 600871) announced it is considering to acquire a 50% interest in Yihua Unifi Fibre Industry Company Limited from Unifi Asia Holding Company Limited.
    Yihua Unifi is currently a 50/50 joint venture between Yizheng Chemical Fibre and Unifi Asia, located in Yizheng, Jiangsu province. The company focuses on the production, sales of polyester filament yarn to meet the growing demand in China.
    Unifi is a leading producer of multi-filament textured polyester and nylon yarns and related raw materials in the world.
    Yizheng Chemical Fibre is one of the largest modernized manufacturer of chemical fibres and raw materials in China, and one of the largest polyester manufacturers in the world, headquartered in Yizheng. Sinopec Corp. is the majority shareholder of Yizheng Chemical Fibre.
    Both sides have not signed any agreement on the deal.