Sinopec sells stake in retail unit for $17.4b

Asia’s largest oil refiner sells a 29.99% stake in its retail unit to 25 investors for Rmb107.094 billion in cash.

Sinopec sells stake in retail unit for $17.4b

Sinopec said on Sunday it has sold a 29.99% stake in its retail unit to 25 investors, including Fosun International and ENN Energy Holdings, for Rmb107.094 billion $17.44 billion in cash.

After completion of the capital injection, Sinopec will hold a 70.01% shareholding interest in the company. The new investors will have three board seats.

The sale of Sinopec's stake in its retail unit, which includes more than 30,000 petrol stations and...

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