[ET Net News Agency, 26 October 2021] Lee & Man Chemical Company Limited (00746) said
L&M International, a wholly-owned subsidiary of the company, entered into the investment
agreement for development of the company's chemical business in Ruichang city, Jiangxi
province with the Ruichang City Government.
L&M International proposes to invest in a project involving the manufacture of high-end
fluoropolymers and other chemicals for use in lithium batteries. The proposed production
scale of the project under the investment agreement includes an annual output of 20,000
tonnes of polyvinylidene fluoride (PVDF) and 10,000 tonnes of lithium hexafluorophosphate
(LiPF6) and the ancillary additional annual production output of 50,000 tonnes of hydrogen
fluoride.
As part of the arrangements under the agreement, the Ruichang City Government agrees to
grant L&M International land use rights to an area of around 500 mu located in Ruichang
Matou Industrial Park at an aggregate consideration of RMB50,000,000 (subject to
tendering) for a term of 50 years. The Ruichang City Government also agreed to assist L&M
International in obtaining certain licences and approvals and to support the development
of this project by providing certain facilities to L&M International. (RC)