Richina acquires 90% equity in Shanghai Leather
In an unprecedented deal, Richina Pacific has agreed to purchase a 90% equity interest in Shanghai Leather Co Ltd (SLC) for a reported $20.7 million. Richina has also been given a three-year option to purchase the remaining 10% of SLC from the vendor Shanghai Light Industry Holdings Company Group (SRL).
SLC - a Chinese state-owned company owns 5% of SRL, the land and buildings from which the SRL tannery operates, a majority equity in 45 other enterprises, and a minority equity in eight other enterprises in
The chairman of Richina, John Walker, said that the acquisition will greatly expand the Chinese operations of Richina Pacific. “The company is very excited by the prospects and opportunities presented by the SLC acquisition,” he said.
