China Blue Chemical purchased

This morning I added China Blue Chemical (3983) to the private portfolio paying $4.72 per share. China Blue Chemical manufactures a number of chemical products, including fertilizers. The company has a clean balance sheet with net cash on hand. Recent small acquisitions indicate that the company is looking to grow vertically (presumably with the intention of deriving associated cost benefits as well as securing raw material supplies). The earnings valuation is not demanding (trailing PE of 11.6) although the dividend policy of distributing only 20-30% of profits results in a rather low dividend yield of around 2.3%.