SinoChem Board Chairman denies merger with ChemChina
Ning Gaoning, board chairman of SinoChem Group, has denied the rumor that the group would merge with ChemChina.
SinoChem has no such plan as merging with other state-owned enterprises so far either, said Ning.
The merger hearsay was disclosed by foreign media in Oct. 2016 and the prices of relevant concept shares were raised across the board. After that, SinoChem International released an announcement to deny the rumor.
The rumor arose again in May 2017 and resulted in guesses and discussion by the media.
SinoChem and ChemChina are two giants in China's chemical industry.
Their influences in the rubber and tire sector are also significant.
SinoChem International purchased rubber companies in Malaysia, Singapore and Thailand, invested in a Belgium company, and has planting areas and production bases in African and Southeast Asia.
ChemChina's subsidiaries include renowned tire producers, such as Aeolus Tyre and Pirelli.
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