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 23,000 convenience stores, is part of China’s efforts to court private capital to make its sprawling state-owned enterprises SOEs more efficient.
The deal price is slightly below expectations a Barclays research...
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