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01-06-2010: McVicar Industries Inc. announced that its fully owned Chemical subsidiary, McVicar (Hongkong) Advanced Materials Co. Ltd. ("MAM") have reached an agreement with British Virgin Island based Sanlong Holdings Co. Ltd. to purchase its 38% equity interest in Hangzhou Changlong Chemical Co. Ltd. Sanlong obtained the 38% interest in Changlong in January, 2009 by exchanging its 9.5% equity interest in MAM. MAM will pay a cash amount of RMB 9,405,000 (~CAN $1.47 million) for the acquisition. After this transaction, MAM will have 100% ownership of Changlong and will have the benefit of simple operation of the company.
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McVicar to acquire the remaining 38% interest in Hangzhou Changlong Chemical
McVicar Industries Inc. announced that its fully owned Chemical subsidiary, McVicar (Hongkong) Advanced Materials Co. Ltd. ("MAM") have reached an agreement with British Virgin Island based Sanlong Holdings Co. Ltd. to purchase its 38% equity interest in Hangzhou Changlong Chemical Co. Ltd. ... more
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