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| Expanding its Business to Overseas for the First Time |
HONG KONG, July 2, 2021 - (ACN Newswire) - China Risun Group Limited ("China Risun", or the "Group", stock code: 1907), a leading global integrated coke, coking chemicals and refined chemicals producer and supplier and relevant operation management service provider in China, announced the establishment of a joint venture to invest in and construct a coking project with an annual volume of 4.7 million tonnes in Indonesia. The Group is expanding its business to overseas for the first time.
Risun Investments, a wholly-owned subsidiary of China Risun, entered into the Joint Venture Agreement with Tianjin Xintiangang and Stephanie Development, pursuant to which the three parties have agreed to jointly establish, by way of capital injection, De Tian Coking, which will invest in the construction of a coking project (with a capacity of 4.7 million tonnes/year) in Morowali Industrial Park in Sulawesi, Indonesia. The project will have a total investment of approximately US$830 million. Risun Investments will subscribe for US$59.52 million, representing 24% of the registered capital of the Joint Venture. In addition, Risun Investments may also provide shareholder loan in an amount up to approximately US$285 million to De Tian Coking if De Tian Coking is not able to obtain external financing for the project.
The Joint Venture plans to invest in and construct a coking project with an annual volume of 4.7 million tonnes in Morowali Industrial Park in Sulawesi, Indonesia, which is one of the exemplary cooperation projects under the Belt and Road Initiative. Dozens of large-scale metal smelting enterprises have or will have business establishments in the park and it is expected that the demand for coke will be enormous in the future. As most of China Risun's production bases are located in the PRC, the transaction will allow the Group to expand its business overseas for the first time. With this transcation, the Group can further reinforce its leadership position as an independent producer and supplier of coke. In addition, by partnering with Tianjin Xintiangan, a renowned steel producer, and Stephanie Development, an integrated developer of natural resources, the three parties will able to achieve mutual benefits by jointly establish a new production base in Indonesia.
Indonesia is the largest country in Southeast Asia in terms of area, population and gross domestic product. The location of the Joint Venture, namely Bahodopi, Morowali Regency, Central Sulawesi Province, has expedient air, sea and land transportation routes for the supply of coal from Indonesia domestically or from abroad (such as from Australia through sea routes). The majority of the coke products will be sold to Tianjin Xintiangang in the PRC. Therefore, there will be stable supply of coal and sales channel for coke.
About China Risun Group Limited
China Risun Group Limited is the world's largest independent producer and supplier of coke by volume in 2020, according to Frost & Sullivan. China Risun is an integrated coke, coking chemicals and refined chemicals producer and supplier and relevant operation management service provider in China and holds leading positions in a number of refined chemicals sectors both in China and globally. The vertically-integrated business model together with more than 26 years of experience in the coal chemicals industry production chain has enabled China Risun to further tap the downstream refined chemicals markets and hence diversify its income sources and create greater value.
China Risun has been listed on the main board of the Hong Kong Stock Exchange since March 2019 and is now included in various index series, including Hang Seng Composite Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, and Hang Seng SCHK ex-AH Companies Index. For more details, please visit http://www.risun.com/En/
Topic: Press release summary
Source: China Risun Group
Sectors: Metals & Mining
http://www.acnnewswire.com
From the Asia Corporate News Network
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