Dyno Nobel has announced it has acquired 29.9 percent of the ordinary shares in Fabchem China Limited, an explosives company listed on the Singapore stock exchange. The total consideration of up to 0.70 S dollars per Fabchem share equates to 31.8million US dollars which includes an up front payment of 0.52 S dollars per share, an additional 0.13 S dollars per share payable upon achieving profit hurdles in 2008, and 0.05 S dollars per share payable upon Fabchem obtaining an export license. Following the acquisition Dyno Nobel plans to work closely with Fabchem management and Board to enhance the successful growth of the company in China. As part of this process, Dyno Nobel will nominate two representatives to Fabchem's Board of Directors. Additionally, Dyno Nobel will have a senior manager seconded to Fabchem, reporting to the Managing Director of Fabchem, Mr Sun Bowen.
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