HaiKe Chemical Group Ltd. Result of AGM and Company Update (0821J)
June 26 2017 - 2:00AM
UK Regulatory
TIDMHAIK
RNS Number : 0821J
HaiKe Chemical Group Ltd.
26 June 2017
HaiKe Chemical Group Ltd ("HaiKe" or the "Company")
Result of AGM and Company Update
HaiKe Chemical Group Limited, the AIM quoted (AIM: HAIK)
speciality chemical business based in Shandong Province, China, is
pleased to announce that at its Annual General Meeting held on 25
June 2017 all the resolutions, as set out in the Notice of the
Annual General Meeting, were passed.
The annual planned shutdown of the plant was implemented during
May and June and is now largely complete. During this period, the
Company has carried out additional upgrades to support the planned
focus on high-end products and comply with new national
environmental regulations in China. The 2017 shutdown period was
taken in H1 as compared with H2 in previous years and, as a result,
revenue and profit for H1 2017 is expected to be in line with H1
2016.
The Company expects a further upgrade to the IPA plant in
September to fit a new catalyst which is anticipated to take no
longer than one month. As a result of increased heating demand for
our higher-end products, the Company is building a new pulverized
coal stove. This is also expected to prolong the length of time
between shutdown periods going forward and will allow the Company
to meet environment regulations. Construction of the stove has
begun, with completion expected toward the year end.
In order to manage heating capacity prior to the completion of
the stove, the Board has decided to reduce the operating capacity
of the DMC plant which produces lower margin products. The DMC
plant is expected to be fully operational by the year end, in line
with the completion of the coal stove.
For further information please contact:
HaiKe Chemical Jes Cui, Chief Financial +86 546 7787789
Group Officer cuizhiqiang@haikegroup.com
yolanda.zhang@haikegroup.com
Richard Johnson / +44 (0) 20 7601
Stockdale Securities Antonio Bossi 6100
Shan Shan Willenbrock
/
Emma Crawshaw +44 (0) 20 7930
Cardew Group haike@cardewgroup.com 0777
This information is provided by RNS
The company news service from the London Stock Exchange
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