November 28, 2024 – Akoli Issues Announcement on Extension of 20,000 TPA Polyetheramine Project
Akoli (SH 603772) has recently released an announcement regarding the extension of its 20,000 tons per annum (TPA) polyetheramine project. During its recent board of directors and supervisory board meetings, the company reviewed and approved a proposal to extend the completion timeline for the fundraising project.
Due to adjustments in the construction design and delays in the approval process, the expected completion date for the polyetheramine project has been postponed from December 2024 to December 2025. Akoli stated that although the extension will impact the construction schedule, it will not have a material adverse effect on the overall implementation of the fundraising project or the company’s long-term development strategy. Furthermore, the extension does not involve any changes to the investment direction or total investment amount, and the company remains committed to its original investment plan.
According to industry sources, the 20,000 TPA polyetheramine project is being implemented by Akoli’s subsidiary, Akoli Technology (Qianjiang) Co., Ltd. Upon completion, the project will add 20,000 tons of polyetheramine production capacity and include the construction of a 25,000-ton polyether project to meet the internal demands of the company and its subsidiaries. As a crucial part of Akoli’s investment in the Qianjiang High-tech Industrial Development Zone’s Jianghan Salt Chemical Industrial Park, which also includes a 30,000 TPA optical materials (cyclic olefin monomers and polymers) project, the extension will not alter the overall plan and expected goals of the project.
Currently, Akoli’s polyetheramine production capacity stands at 20,000 tons. With the gradual release of the new capacity, the company’s total production capacity is expected to increase to 40,000 TPA, providing a new impetus for its future growth. Akoli has also committed to expediting subsequent construction work to ensure the project becomes operational as soon as possible, thereby supplying the market with more high-quality products.