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Sinopec stakes in 5 firms on sale

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-05-15 14:54

China Petrochemical Corporation (Sinopec Group) put up its stakes in five investment or investment management companies for sale for 24.45 million yuan ($3.49 million) yesterday at the China Beijing Equity Exchange.

The move indicated Sinopec Group accelerated to strip the non-main-business assets.

The five companies are Aviation Trust & Investment Co Ltd, Huazheng Assets Management Co Ltd, Guotai Junan Investment Management Co Ltd, Shenzhen Huachengda Investment Holdings Co Ltd and Beihai Yinjian Investment Co Ltd. Sinopec Group owns 5.6 percent, 1.08 percent, 0.18 percent, 0.81 percent and 0.11 percent stakes respectively of these companies.

Sinopec offered 24.45 million yuan for all the stakes together, including 18 million yuan for Aviation Trust & Investment Co Ltd, in which Sinopec is the fourth largest shareholder.

These five companies, four of them State-funded holdings, all posted losses last year. Huazheng Assets Management Co Ltd's losses totaled over 1.3 billion yuan.

Meanwhile, Sinopec established an "Oil Field Prospecting and Development Department" yesterday, designed as Sinopec's up-stream profit management center.