Yibin Paper completes acquisition of 67% of Pushi Cellulose Acetate

Yibin Paper Industry (SSE:600793) announced the completion of its acquisition of a 67% stake in Sichuan Pushi Cellulose Acetate Co., Ltd. ("Pushi Cellulose Acetate") from Sichuan Yibin Pushi Group Co., Ltd. for 206.23 million yuan ($28.52 million USD). The transaction, previously announced and approved, makes Pushi Cellulose Acetate a subsidiary of Yibin Paper. The acquisition is part of Yibin Paper’s strategic expansion into bio-based materials. Pushi Cellulose Acetate produces and sells various cellulose acetate products and acetic anhydride, and provides technical consulting and after-sales services. The remaining equity in Pushi Cellulose Acetate is held by Shenzhen Qingyuan Industrial Investment Co., Ltd. (12.02%), Shenzhen Jimei New Materials Co., Ltd. (9.89%), Cai Zhifeng (8.19%), and Du Li (2.90%).