Sihuan Repurchases 26.85% of Aidi New Energy
As a leading biopharmaceutical, Sihuan has a special fondness for Aidi New Energy. The company today announced that its wholly-owned subsidiary, Jiangyin Sihuan Investment Co., Ltd., acquired 50 million yuan for the holding of Beijing Dahezhouzhou Group Co., Ltd. Xinjiang Aidi New Energy Technology Co., Ltd. 14.85% stake; 40 million yuan acquisition of Taiyuan Tianhai Hengda Technology Co., Ltd. holds a 12% stake in Aidi New Energy. This is another important step taken by Sihuan Biotech after investing 150 million yuan in Edison's new energy in a capital increase in 2010. After the above transaction was completed, the total amount of investment in Aidi New Energy by Sihuan Biologics was 240 million yuan. The company will directly and indirectly hold 70.97% of Aidi New Energy.
It is reported that the business scope of Aidi New Energy mainly involves the research and development and production of coal chemical products and technologies, industrial and domestic sewage treatment, research and development and production of coal chemical catalyst products, engineering design and general contracting of projects. Sihuan said it is very optimistic about the future prospects of Aidi New Energy. At present, Aidi New Energy's “National Science and Technology Support Plan 200,000 tons/year coal tar preparation Clean Fuel Oil Industry Demonstration Project†is under construction. It is expected to complete the main construction by the end of 2011 and test it in April 2012 or so. It was officially put into production in June. After the project is put into production, it is estimated that with current production prices and good sales, the annual operating income will reach about 1.1 billion yuan, and the estimated annual profit will be about 274 million yuan, which will result in good economic and social benefits.
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