SHANGHAI Nov 6 China Petrochemical Group,
parent of Shanghai and Hong Kong listed oil giant Sinopec Corp.
, plans to spend an estimated maximum $17.7
billion to buy back a 2 percent stake in the Shanghai-listed
entity over the next year, in an apparent move to support the
mainland's sagging stock market.
The state-owned parent started the purchase on Tuesday,
buying 6.06 million shares, or 0.005 percent of the listed arm,
Sinopec said in a filing to the Shanghai Stock Exchange dated
A 2 percent stake amounts to 2.33 billion shares, based on
Sinopec's total capital base of 116.6 billion share. Sinopec's
Shanghai-listed, yuan-denominated A shares closed at 4.62 yuan
per share on Tuesday. Based on these calculations, the parent
could spend as much as 107.7 billion yuan ($17.7 billion).
(Reporting by Lu Jianxin and Pete Sweeney; Editing by Ed