Key Developments: China Petroleum & Chemical Corp (0386.HK)
8.28HKD
23 May 2013
HK$-0.27 (-3.16%)
HK$8.55
HK$8.50
HK$8.53
HK$8.23
120,847,901
89,077,243
HK$9.57
HK$6.38
Latest Key Developments (Source: Significant Developments)
China Petroleum & Chemical Corp's Subsidiary to Issue Bonds
China Petroleum & Chemical Corp announced that its wholly owned overseas subsidiary, Sinopec Capital, has decided to issue USD 750 million 2016 due bonds, USD 1,000 million 2018 due bonds, USD 1,250 million 2023 due bonds, as well as USD 500 million 2043 due bonds. The issue price for the bonds are: 99.739% of the total amount for the 2016 due bonds, 99.872% of the total amount for the 2018 due bonds, 99.422% of the total amount for the 2023 due bonds, 99.345% of the total amount for the 2016 due bonds. The interest rates for the bonds are, 1.250%, 1.875%, 3.125% and 4.250% respectively. The Company will provide guarantee for the bonds. Citigroup, BofA Merrill Lynch, UBS and J.P. Morgan will be the representatives of the original underwriters. Full Article
China Petroleum & Chemical Corp Announces Change of Accounting Auditor
China Petroleum & Chemical Corp announced that it will change its accounting auditor for fiscal year 2013 from KPMG China to Price Waterhouse Coopers China. Full Article
China Petroleum & Chemical Corp To Pay $1.5 Billion For Parent's Oil, Gas Assets-Reuters
Reuters reported that China Petroleum & Chemical Corp will pay $1.5 billion for overseas oil and gas-producing assets held by its parent, to reshape its business and improve earnings. Full Article
China Petroleum & Chemical Corp Proposes Final Dividend
China Petroleum & Chemical Corp announced that the Board of Directors approved the proposal to declare a final cash dividend of RMB 0.20 per share (2011:RMB0.13 per share)(tax included) with an interim distributed dividend of RMB 0.10 per share (tax included), the total dividend for the whole year is RMB 0.30 per share (tax included); and based on the total equity on relevant record date, issue 2 bonus shares converted from retained earnings and 1 bonus share converted from capital reserve for every 10 existing shares held by the shareholders on relevant record date. Full Article
China Petroleum & Chemical Corp Announces Proposed Change In Auditors
China Petroleum & Chemical Corp announced that it has resolved to propose to appoint PricewaterhouseCoopers and PricewaterhouseCoopers Zhong Tian CPAs Limited Company (the name will be changed to PricewaterhouseCoopers Zhong Tian LLP) as the external auditors of the Company for the year 2013 (the Proposal). The Proposal is subject to the approval by the Shareholders at the annual general meeting for the year 2012 (the AGM). KPMG and KPMG Huazhen (Special General Partnership) will respectively retire as the international and PRC auditors of the Company with effect from the close of the forthcoming AGM of the Company and the Company will not re-appointment them as the auditors of the Company for the year ended December 31, 2013 due to the SASAC Rotation Requirements. Full Article
China Petroleum & Chemical Corp Announces Completion Of Placing Of New H Shares
China Petroleum & Chemical Corp announced that all the conditions as set out in the Placing Agreement have been satisfied and the Placing has been completed on February 14, 2013 in accordance with the terms and conditions of the Placing Agreement. An aggregate of 2,845,234,000 new H Shares, representing approximately 3.2% of the total number of issued Shares (as enlarged by the allotment and issue of the Placing Shares) and approximately 14.5% of the total number of H Shares in issue (as enlarged by the allotment and issue of the Placing Shares), have been successfully allotted and issued by the Company on February 14, 2013 at the Placing Price of HKD8.45 to not fewer than six Placees, who and whose ultimate beneficial owners are third parties independent of and not connected with the Company or its connected persons. The aggregate gross proceeds from the Placing amount to approximately HKD24,042,227,300 and the aggregate net proceeds (after deduction of the commissions and estimated expenses) amount to approximately HKD23,970,100,618. Full Article
China Petroleum & Chemical Corp To Sell $3.1 Billion In New Stock-Reuters
Reuters reported that China Petroleum & Chemical Corp (Sinopec), said it plans to raise about $3.1 billion in a share offering to fund its business development. Sinopec agreed to sell 2.85 billion new Hong Kong-traded shares at HKD8.45 each, a 9.5% discount to February 5, 2013 close and 7.4% below the average closing price over the past 30 days, the Company said. Proceeds from the offering would be used as general working capital to fund the business development of the Company, Sinopec said. Full Article
China Petroleum & Chemical Corp May Fund Acquisition of $8 Billion Assets Via Debt-DJ
Dow Jones reported that China Petroleum & Chemical Corp may fund its acquisition of $8 billion worth of its parent's assets by taking on additional debt. This would add to an already heavy debt burden for the unit, known as Sinopec Corp., and limit its ability to acquire major foreign-owned overseas assets in the foreseeable future. Sinopec Corp. is negotiating the purchase of upstream oil and gas assets from China Petrochemical Corp., or Sinopec Group, as part of a plan to increase its footprint in global exploration and production, The Wall Street Journal reported earlier this month. The deal will take place in April. Beijing-based Sinopec Corp. will likely to use bank loans and bonds to pay for Sinopec Group's stakes in the assets, including projects in the U.K., Russia, Colombia and Kazakhstan. Full Article
China Petroleum & Chemical Corp Plans To Acquire Interest In SIBUR Holding OAO’s Krasnoyarsk Plant
SIBUR Holding OAO (SIBUR) announced that SIBUR and Sinopec International (Hong Kong) Co. Ltd, the wholly owned subsidiary of China Petroleum & Chemical Corp (Sinopec), signed an agreement that will see Sinopec purchase 25% + 1 share of Krasnoyarsk Synthetic Rubbers Plant JSC (KSRP). The agreement was signed in presence of SIBUR’s CEO Mr. Dmitry Konov and President of China Petrochemical Corporation and China Petroleum & Chemical Corporation Mr. Wang Tianpu. The deal is to be approved by Russian and Chinese regulators. Earlier the parties signed an agreement on cooperation to create a joint venture, which will produce nitrile rubbers (NBR) on the base of KSRP. Once the joint venture is established, the shareholders will also consider the possibility of increasing the plant’s annual NBR capacity from 42.5 to 56 thousand tons. SIBUR and Sinopec are also discussing projects on setting up a joint venture to produce nitrile and polyisoprene rubbers in Shanghai. Future operations’ annual capacity for each type of rubber is currently estimated at the level of 50 thousand tons, to be determined more precisely once the feasibility study is completed. Full Article
ENN Energy Holdings Ltd, ENN Drop $2.2 Billion Offer For China Gas Holdings Ltd-Reuters
Reuters reported that China Petroleum & Chemical Corporation dropped its $2.2 billion offer with ENN Energy Holdings Ltd for China Gas Holdings Ltd. due to regulatory hurdles, a defeat for acquisitive Chairman Fu Chengyu in what would have been the first unsolicited takeover in Hong Kong. Instead, Sinopec entered into a strategic agreement with China Gas Holdings Ltd to jointly develop natural gas and liquefied petroleum gas (LPG) in China. The cooperation agreement seems like a face-saving move for Asia's refiner. Unsolicited deals are rare in China, and one from a state-run enterprise is even more difficult to engineer. Full Article
Sinopec first-quarter profit up on sharply on refining improvement
HONG KONG - Sinopec Corp , Asia's largest refiner, posted a 25 percent rise in first-quarter profit as improved refining margins offset lower profits from exploration and production.
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