December 14, 2016 / 10:03 AM / 3 years ago

Sinopec invites banks to advise on unit's revamp ahead of planned IPO-sources

HONG KONG, Dec 14 (Reuters) - China Petroleum and Chemicals Corp (Sinopec) has invited 14 banks to pitch for a role as a financial adviser to help it revamp the corporate structure of its fuels distribution unit ahead of a planned IPO in Hong Kong, people familiar with the plans told Reuters on Wednesday.

The group of firms invited to pitch included BOC International, CITIC Securities Co Ltd , China International Capital Corp Ltd (CICC), Goldman Sachs and UBS AG, added the people, who declined to be named because information on the proposed restructuring is not yet public.

The adviser will help the unit, Sinopec Marketing Co Ltd, transition from a limited liability company, which has less than 50 shareholders, into a corporation that can have a multitude of investors and a board of directors, among other things, added one of the people.

The IPO could raise about $12 billion next year, a separate person said, though the value is subject to market conditions at the time of the listing.

CITIC Securities, Goldman and UBS declined to comment, while Sinopec, BOC International and CICC didn’t immediately respond to a Reuters request for comment. (Reporting by Julie Zhu and Elzio Barreto; Editing by Muralikumar Anantharaman)

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