Details on financial support to M&G Chemicals
As announced in company announcement no. 24, November 17, 2013, concerning the collaboration on biomass-based plastics in China, Novozymes would provide financial support of USD 35 million to M&G Chemicals.
As reported by media, M&G Chemicals is currently in the process of conducting an initial public offering (IPO) and applying for the listing on the Hong Kong Stock Exchange. Novozymes’ previously announced financial support of USD 35 million to M&G Chemicals will be by way of a cornerstone investment in M&G Chemicals’ IPO.
The share purchase is not expected to impact Novozymes’ financial outlook for 2013. Novozymes’ expectations to Cash flow before acquisitions for 2013 is thereby unchanged. However, the USD 35 million is expected to have a negative impact on net cash flow in 2013.