August 17, 2017 6:52 AM ET

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Company Overview of Taixing Jurong Chemical Co., Ltd

Company Overview

Taixing Jurong Chemical Co., Ltd currently has no business operations and intends to sell chemical products. The company was incorporated in 2010 and is based in China.

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China

Founded in 2010

Key Executives for Taixing Jurong Chemical Co., Ltd

Taixing Jurong Chemical Co., Ltd does not have any Key Executives recorded.

Taixing Jurong Chemical Co., Ltd Key Developments

Taixing Jurong Chemical Co., Ltd and Arkema Asie SAS Announce Update on Joint Venture

The Board of Directors of Sunvic Chemical Holdings Limited (the company") referred to the previous announcements released by the company on 23 January 2014, 29 January 2014, 21 October 2014, 13 November 2014, 17 February 2015, 28 July 2015 and 2 February 2016 (the Prior Announcements), and the circular dated 19 May 2014 (the Circular) in relation to the joint venture between Taixing Jurong Chemical Co. Ltd. (Taixing Jurong) and Arkema Asie SAS (Arkema, together with Taixing Jurong, the "Parties") (the Joint Venture). As disclosed in the Prior Announcements, Arkema had decided not to exercise the First Call Option to increase its equity interest in Sunke from 55% to 67%. In accordance with the terms of the Amended and Restated Joint Venture Contract dated 15 February 2015, Taixing Jurong was entitled to dilute Arkema's equity interest in Sunke from 55% to 33% by re-classifying the transfer of the Line 3 Assets as Taixing Jurong's capital injection into Sunke. The Board announced that pursuant to further negotiations, the Parties have entered into a further Amended and Restated Joint Venture Contract dated 18 June 2016 (the "2 Amended and Restated Joint Venture Contract"). Under the terms of the 2 Amended and Restated Joint Venture Contract, the Parties have agreed that all the call options are terminated, and that the shareholding proportion in Sunke shall remain at 55%-45% between Arkema and Taixing Jurong respectively (the "JV Equity Proportion"). Under the terms of the ancillary documents to the 2 Amended and Restated Joint Venture Contract, Sunke and Arkema shall now be obliged to pay an aggregate consideration of RMB 800 million to Taixing Jurong for the Line 3 Assets which had been injected into Sunke in July 2015 and to maintain the JV Equity Proportion. The Parties have also agreed that, after 2 years from the effective date of the 2 Amended and Restated Joint Venture Contract, Arkema shall have the right, but not the obligation, to appoint 4 directors (out of a total of 6) to the board of Sunke. The board of Sunke currently consists of 6 directors, 3 of whom are appointed by Taixing Jurong and the remaining 3 are appointed by Arkema.

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