|
China regulator Oks Sinopec buy back plan
(AFP)
Updated: 2006-03-06 16:45 Asia's largest refiner,
Sinopec, has won approval from regulators to privatize its four China-listed
units, the company said.
The four companies are Sinopec Qilu Petrochemical, Sinopec Yangzi
Petrochemical, Sinopec Zhongyuan Petroleum, and Sinopec Shengli Oil Field
Dynamic Group, it said in a statement filed to the Shanghai and Shenzhen stock
exchanges.
The four companies will be delisted and privatized for a total of 14.3
billion yuan (US$1.77 billion).
Sinopec will pay 2.75 billion yuan, or 10.3 yuan per share, for the
oustanding 73.67 percent of Sinopec Shengli and 4.88 billion yuan, or 13.95 yuan
per share, for 15.02 percent of Sinopec Yangzi.
For Sinopec Zhongyan it will shell out 3.09 billion yuan, or 12.12 yuan per
share, for 29.15 percent and 3.56 billion yuan, or 10.18 yuan per share for
17.95 percent of Sinopec Qilu.
Trading in the four units has been suspended since Feb 8.
Sinopec is buying out its units to streamline operations of its sprawling
business, paving the way for major restructuring
plans.
|
