ChemChina and Sinochem are consolidating their agricultural assets into a new holding company to be called Syngenta Group, Reuters reports, citing a statement on Sunday.
Chen Lichtenstein, current president and CEO of Shenzhen-listed crop protection firm Adama, which will also be incorporated into the new group, will be nominated CFO of the newly formed Syngenta Group, according to the report.
He will be based in Basel, Switzerland, Swiss group Syngenta, which is a unit of ChemChina, was quoted as saying in a statement.
Reuters reported last month that China National Chemical Corp, or ChemChina, had approached Chinese state-backed investors for up to US$10 billion in funding as part of a reorganization of its agrichemicals business ahead of a public float.
The reorganization includes Syngenta, the Swiss pesticide producer that ChemChina agreed in 2016 to buy for US$43 billion.
The fundraising efforts and eventual stock market listing are designed to cut ChemChina’s debt ahead of a long-awaited mega-merger with state-owned peer Sinochem.
ChemChina wants to list Syngenta on China’s technology-focused STAR market in mid-2020, according to fundraising documents dated from October.
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