Tangshan Sanyou Chemical Strengthens Thermal-power Business via Acquisition    

Tangshan Sanyou Chemical Industrial Co., Ltd. (SH: 600409) said on July 30th that it plans to buy a 27.20% stake in Tangshan Sanyou Thermoelectric Co., Ltd. from Tangshan Sanyou Alkali Industry Co., Ltd. for RMB114 million. Tangshan Sanyou Alkali is the controlling shareholder of Tangshan Sanyou Chemical.
   The acquisition would help Tangshan Sanyou Chemical consolidate its thermal power business and strengthen its control over energy resources.
   Tangshan Sanyou Thermoelectric engages in power generation, heat generation and supply, as well as the manufacture and marketing of demineralized water. Tangshan Sanyou Chemical now holds a 50.22% stake in Tangshan Sanyou Thermoelectric.
   Tangshan Sanyou Chemical also said revenue fell 48.12% to RMB1.54 billion in its results in H1, with a loss of RMB24.5 million, down 108.51% from a year earlier, blaming weak demand and falling prices for soda ash and PVC. Still, the soda ash segment made money in the first half although revenue declined 14% to RMB165 million.