China Petroleum & Chemical Corp. (SNP), known as Sinopec Corp. said late Thursday it plans to spin off its marketing arm and issue overseas listed shares.
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Sinopec Corp. said it has approved the overseas listing of its majority-owned subsidiary Sinopec Marketing Co. The number of overseas-listed shares to be issued will be 10% of the total share capital after issuance. The spin-off plan is still subject to regulatory and shareholders' approval.
In a separate statement, Sinopec Corp. said it will buy 50% stake in Shanghai SECCO Petrochemical Company Ltd. from BP East China Investment Co. Ltd. for US$1.68 billion. The acquisition will help facilitate the building of the refining-chemical base in Shanghai, the energy firm said, adding the deal is still subject to regulatory approval.
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(END) Dow Jones Newswires
April 27, 2017 21:33 ET (01:33 GMT)