The company has signed an agreement on land use right transfer with Fujian Jinjiang Antai Chemical Co., Ltd. (FJAC), the company's major shareholder which holds a 70% stake in the company.

According to the agreement, the company will transfer the use rights of certain idle industrial land, covering a total area of 2366.67 sq.m., to FJAC. The transfer price is RMB 2.19 mln, based upon the assessment of the land use rights.

The above transfer constitutes a related-party transaction.

Board of Directors
20 Nov 2008


Source: Shanghai Stock Exchange

Date: 21 Nov 2008

CN01/SC/DM/JW