25 January 2021

ZICO Insights Law advises Hengyang Petrochemical Logistics on its Proposed Disposal of 85% equity interest in Jiangsu Xinheng Supply Chain Management Services

ZICO Insights Law LLC’s director Dr. Qiu Yang and senior associate Mr. Denzel Chua have recently advised Catalist company Hengyang Petrochemical Logistics Limited’s disposal of its entire equity interest in Jiangsu Xinheng Supply Chain Management Services Co., Ltd. (“Jiangsu Xinheng”) for an aggregate consideration of RMB18,062,500 (or equivalent to approximately S$3,678,717) (the “Proposed Disposal”). The Proposed Disposal is classified as a “discloseable transaction” as defined under the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited (the “Catalist Rules”) read together with Practice Note 10A of the Catalist Rules. Relevant announcements have been released by Hengyang Petrochemical via SGXNET in January 2021 with completion to take place in due course.

Jiangsu Xinheng is a company that was incorporated on 10 April 2017 in China with a registered capital of RMB20 million. Jiangsu Xinheng’s scope of business activities includes supply chain management, freight agent, cargo stowage, normal goods storage, sale of chemical products, information technology advisory services and business advisory services.