The joint ventures in Korla have been part of BASF’s operations in China, focusing on chemical manufacturing. The divestiture aligns with BASF’s strategic adjustments in its global portfolio. The transaction transfers full ownership of the joint ventures to Verde Chemical, marking a new phase for the facilities under new management.
Verde Chemical Singapore Pte. Ltd., registered in Singapore, is primarily controlled by Verde Ventures SGP, also based in Singapore. The company is developing an intellectual property and licensing center in Singapore to advance innovative technologies. Supported by minority shareholder GSS Energy Limited, Verde Chemical aims to utilize these technologies to enhance manufacturing capabilities across Southeast Asia.
BASF stated: “The divestiture of our shares in the Korla joint ventures reflects our ongoing efforts to optimize our global business portfolio while ensuring a smooth transition for the operations.”
Verde Chemical expressed its commitment to the acquired facilities, noting: “We are excited to integrate the Korla operations into our portfolio and leverage our technological expertise to drive sustainable growth in the region.”
The completion of this transaction strengthens Verde Chemical’s presence in the chemical manufacturing sector, while BASF continues to focus on its core strategic priorities. The Korla facilities are expected to benefit from Verde Chemical’s focus on innovation and regional manufacturing expansion, ensuring continued operational success in the area.
