Migao Group (HKG:9879) suspended plans for a new potash fertilizer factory in Mianyang City, Sichuan Province, China, due to stricter environmental zoning regulations.
In a Tuesday disclosure with the Hong Kong Exchange, the potash fertilizer manufacturer said it is now reassessing the project's feasibility and location.
Concurrently, Migao said it plans to expand into Vietnam and set up a production facility in Vung Tau Province to capture growth opportunities in Southeast and South Asia.
The plant will have a gross floor area of 63,510 square meters and primarily manufacture SOP and NK compound fertilizers. It will have one production line with an annual capacity of 80,000 tons of SOP and 100,000 tons of NK compound fertilizers.
The company expects to make between 400 million and 500 million yuan in annual sales from the Vietnam facility, the filing stated.
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