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36

Sinopec to Buy Back Its Subs

Sinopec announced on Wednesday that it will buy back its four listed subsidiaries

China Petroleum & Chemical Corp. (Sinopec), China's largest oil refinery, announced on Wednesday that it will buy back its four listed subsidiaries at a cash offer of 14.3 billion yuan ($1.78 billion).

The four are Sinopec Qilu Petrochemical Co., Sinopec Yangzi Petrochemical Co., Sinopec Zhongyuan Petroleum Co., and Sinopec Shengli Oil Field Dynamic Group Co..

Sinopec offers shareholders of Qilu, Yangzi, Zhongyuan and Shenli 10.18 yuan, 13.95 yuan, 12.12 yuan and 10.30 yuan per share, respectively, higher than the companies' closing prices when they were delisted from the domestic A-share market one week ago, it said in a press release.

A board meeting earlier on Wednesday approved the deal, Sinopec said.