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11

Sinopec Buys Back its Subs' Shares

Almost all outstanding shares of four subsidiaries of Sinopec have been purchased by...

Almost all outstanding shares of four subsidiaries of China Petroleum & Chemical Corporation (Sinopec) have been purchased by the parent company and the subsidiaries will no longer be publically listed after tomorrow, said sources with Sinopec on Wednesday.

Sinopec said that Thursday will be the last trading day of Sinopec Qilu Petrochemical Co., Sinopec Yangzi Petrochemical Co., Sinopec Zhongyuan Petroleum Co., and Sinopec Shengli Oilfield Dynamic Group Co.

Sinopec announced on Feb. 15 that it will buy back its four listed subsidiaries for 14.3 billion yuan (1.79 billion U.S. dollars).

According to Sinopec, the price represents a premium of 24.4 percent, 26.2 percent, 13.2 percent and 16.9 percent over the closing price of Qilu, Yangzi, Zhongyuan and Shengli respectively on Feb. 7, 2006, the last day before trading was suspended pendingnews of the purchase offer.

As the largest oil refiner in Asia, Sinopec holds 11 percent ofthe total market value of China's A-share market. Together with its listed subsidiaries, the value of Sinopec's floating shares exceeds 20 billion yuan