Sinopec sale

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 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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222