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Sinopec Shanghai Petrochemical to Make its Shares Tradable

China Petroleum & Chemical Corp's unit said its parent is still working on a proposal to make its shares tradable

Sinopec Shanghai Petrochemical Co, China Petroleum & Chemical Corp's unit, said its parent is still working on a proposal to make its shares tradable.

Shanghai Petrochemical's shareholders in November rejected plans by parent China Petroleum & Chemical Corp, or Sinopec, to expand the proportion of tradable stock. Shares of the company rose to a record on Friday as some investors speculated that Sinopec will buy the stock it doesn't already own.

The share reform proposal won't be released this week, the Shanghai-based company said in a statement to the stock exchange yesterday.