Sinopec to raise HK$24B through share sales
(02-05 12:07)
China Petroleum and Chemical Corporation (0386), the state-owned oil and refining giant better known as Sinopec, is selling new shares worth up to HK$24 billion.
Sinopec is selling up to 2.85 billion new called H shares to unnamed investors in Hong Kong, representing 17 percent of its H shares already issued and 3.2 percent of its total share capital.
The firm has been seeking in recent years to acquire oil and gas fields and other production assets -- often from its state-owned parent company, the China Petrochemical Corporation -- in an attempt to offset continuing losses from its traditional refining business.
Sinopec lost seven percent in morning session on Hong Kong bourse.
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