Sunvic (updates)

Sunvic will be selling its Taixing plants in phases, so the cash payment will not come in one lump sum. Stage 1 will involve seeting up of a JV to house the Taixing assets. In Stage 2, Sunvic will transfer of 55% stake in JV to Arkema for Rmb1.45b within 9 months. Thereafter, Sunvic will grant 3 call options for Arkema to buy over the remaining 45% stake for Rmb1.45b. Post deal, Sunvic will receive a cash consideration of $1.55/share.