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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.



 
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