Henan Billions acquires Sichuan Lomon to become world's fourth largest TiO2 supplier

摘要

On 5 June 2015, Henan Billions confirmed that it had received unconditional approval from the Chinese anti-trust authorities for its acquisition of Sichuan Lomon. The transaction was valued at Rmb 9 bn (equivalent to $1.47 bn). It was funded by Henan Billions issuing 380 shares, valued at Rmb 27 (equivalent to $4.41) per share, raising total proceeds of Rmb 10.26 bn (equivalent to $1.68 bn). The share issue was effectively a placement to certain selected major shareholders, not a public offering. Mr Xu Gang (President of Henan Billions) increased his personal shareholding in the "enlarged Henan Billions" from 13.57% to 20.13%. Mr Tan Ruiqing (Vice President of Henan Billions) now has a shareholding of 17.6%. Mr Li Jiaquan (formerly President of Sichuan Lomon) did not buy any of the newly issued shares. However, his daughter - Ms Li Ling - bought a substantial quantity of the newly issued shares and she became the third largest shareholder in the "enlarged Henan Billions" with a personal stake of 13.66%.