FANGDA Xikemo (Jiangsu) Needle Coke Technology
XIKEMO was a Japanese company which producing high quality Needle Coke，the former owner was world top 500 company Nippon Steel, Fangda took over it, and now its FANGDA Xikemo (Jiangsu) Needle Coke Technology. XIKEMO is producing top quality needle coke. and its been used for producing UHP graphite electrode. Below is the information about the take over:
In December 2016, Fang Da announced:
(1) 400 million yuan’s acquisition of 51% equity of Xikemo and subsequent capital increase, payment method: One point five Billion to acquire old stocks (it is possible that at the end of 2016, the net assets of Xikemo were less than 300 million).
(2) Change the direction of fund-raising investment, 400 million coal series needle coke; terminate the 100000 ton oil series needle coke project.
(3) The Japanese side is required to increase the capital by 30 million yuan first.
In January 2017, the company, together with Coal Chemical Co., Ltd., Nippon Steel Sumitomo Chemical Co., Ltd. and Jiangsu xikemo Co., Ltd., officially signed equity transfer contract, Sino foreign joint venture contract, needle cokes (coal series needle coke) technology licensing contract, basic sales contract, Fangda assignment agreement, new Japan Chemical assignment agreement and other agreements.