Cedar Holdings has completed the acquisition of a 51 percent stake in Granite Capital, a subsidiary of Singapore petrochemical company Integra.

The acquisition was conducted through Cedar Holdings' wholly-owned subsidiary Qixiang Tengda Chemical Co.

This deal helped the Chinese private company take a step forward in the international chemical supply chain and at the same time further promote the construction of the Belt and Road initiative.

The deal allows Qixiang Tengda to join the international chemical supply chain, and allows the company's business to further extend into the raw materials and overseas markets, said Han Gang, vice president of Cedar Holdings.

Qixiang Tengda will enter into the international chemical supply chain, further extending the firm to upstream raw materials and overseas markets, according to Han.