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Sinopec reportedly seeks at least 10 billion HK dollar loan for buyout |
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Written by Administrator
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Friday, 11 August 2006 |
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BEIJING, August 11 (InfoChina) – Asia’s largest oil refiner, Sinopec (NYSE:SNP), is arranging at least 10 billion HK dollars of bank financing to fund the buyout of its Hong Kong-listed Shanghai Petrochemical Co. (NYSE:SHI) early next month, according to Hong Kong’s South China Morning Post.
Sinopec told bankers that it might pay as much as 6.50 HK dollars per share, or 15.14 billion HK dollars in total, for the Shanghai company, the newspaper said.
To complete the buyout, Sinopec would also need to buy the A-shares of Shanghai Petrochemical, but the price is unknown.
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China Stock News