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.
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.
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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)