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Sinopec Engineering raises size of share sale to $2 billion -IFR
April 18, 2013 / 1:35 PM / 5 years ago

Sinopec Engineering raises size of share sale to $2 billion -IFR

HONG KONG, April 18 (Reuters) - The engineering unit of China’s Sinopec Group , Asia’s largest refiner, will launch a larger than expected $2 billion share listing in Hong Kong, IFR magazine reported on Thursday.

The transaction would be the largest listing in Hong Kong this year, as up until now poor market conditions and the Chinese regulators’ crackdown on rogue issuers on the mainland have stifled deal flow.

The company is looking to offer 1.328 billion primary shares or 30 percent of its enlarged share capital rather than 25 percent as had been planned, the magazine reported. That would have seen it raise $1.5 billion.

Sinopec Engineering was created last September, consolidating eight engineering and construction units of Sinopec Group, as the state-owned company looks to expand its business overseas.

The unit is controlled by Sinopec Group and Sinopec Corp, which hold stakes of 2 percent and 98 percent, respectively.

Citic Securities International, JP Morgan and UBS are the three banks in charge of running the deal.

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