PJSC Acron (Moscow Exchange and LSE ticker: AKRN) has announced the sale of its subsidiary holding 50.5 per cent interest in Chinese Hongri Acron to an independent Hong Kong-based investment holding company.
Acron’s Board of Directors Chair Alexander Popov commented on the transaction:
“In line with Acron Group’s long-term development strategy, we decided to sell our stake in Hongri Acron plant in China and focus on further development of our Russian production assets. Nevertheless, China has been and will remain our key partner and a priority market to sell our products outside Russia. For this reason, Acron Group will maintain its strong presence in China turning our efforts to advancing the local distribution network Yong Sheng Feng, which has been successfully selling Russian fertilisers under Acron brand in the Chinese market for eight years.
“On behalf of Acron Group, I would like to thank all employees and management of the Hongri Acron for their dedicated work and maintaining high reputation of Acron brand in the Chinese market”.