Subscription of Equity Interest in Nasurfar Biomaterial Technology (Changshu) Co., Ltd.
On 28 May 2018, COSCO SHIPPING International signed the Capital Increase Subscription Agreement with Nasurfar Biomaterial Technology
(Changshu) Co., Ltd. (“Nasurfar Biomaterial”) in Changshu, Jiangsu. Mr. Zhu Jianhui, the Vice President and Managing Director of COSCO SHIPPING International, Mr. Wang Yang, the Secretary of Changshu Municipal Committee attended the signing ceremony. Mr. Lin Wenjing, the Vice General Manager of COSCO SHIPPING International, and Mr. Dai Zhicheng, the Chairman of Changshu Naisu signed the agreement.
COSCO SHIPPING International conditionally agreed to subscribe 33% equity in Nasurfar Biomaterial by way of capital injection into Nasurfar Biomaterial in the sum of RMB 89.83 million. Upon completion of the Transaction, COSCO SHIPPING International will hold 33% of the enlarged registered capital of Nasurfar Biomaterial.
Before the signing ceremony, Mr. Wang Yang introduced the economic development of Changshu City. Mr. Zhu Jianhui stated that as the investment platform for the shipping service industry of COSCO SHIPPING, COSCO SHIPPING International has been seeking for the expansion and development of the upstream and downstream of the current industrial chain. We hope that Changshu Government will continue to support the development of Nasurfar Biomaterial.
After the signing ceremony, Mr. Zhu Jianhui visited the Nasurfar Biomaterial Plant and communicated with the company’s management team about the development plan for future. He hoped that the company could achieve greater results to reward the shareholders.
At present, marine coatings and heavy-duty anti-corrosion coatings are currently among the major business segments of the Company. In order to strengthen and enhance the shipping services industrial cluster, accelerating the consolidation progress of various resources, upgrading the standards of shipping-related industry services, the Company actively seeks for the expansion and development of the upstream and downstream of the current industrial chain. Nasurfar Biomaterial is one of the raw material suppliers for marine coatings and heavy-duty anti-corrosion coatings, which will strengthen the current segment industrial chain of COSCO SHIPPING International.
Nasurfar Biomaterial is principally engaged in the research and development, production and sales of biochemical products and has been developing a number of product lines principally based on cashew nut shell oil. The company has a production plant in Jiangsu Changshu New Materials Industrial Park for the production of plant-type surfactants with cashew net shell oil as the raw material. Such products are environmentally friendly and highly degradable, with little waste water discharge and waste gas emission during the usage, thus featuring special advantages over traditional synthetic-based surfactants like nonylphenol types or other by-products of petroleum industry. Other products of the company include epoxy resins additives for coating production and resin modifiers, etc.