Jiutian plans to fund the investment via RMB480 million in internal funds and borrow the remaining RMB1.12 billion.
Jiutian Chemical is up around a-fifth on heavy volume, following its announcement over the weekend that it is planning to invest RMB1.6 billion to diversify into synthetic ammonia
In its Jan 13 announcement, the Singapore-listed, China-based chemicals producer says by producing its own ammonia, it can have better control over its supply chain.
The company's main product is dimethylformamide, which is used in the production of acrylic fibres and plastics.
Jiutian is tapping on the right to undertake such a project in Henan now held by Anyang Chemical Industry Group, deemed as its controlling shareholder.
