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Sinopec units keep equity reform schemes unchanged |
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Written by Administrator
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Monday, 23 October 2006 |
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BEIJING, October 23 (InfoChina) – Shanghai-listed Shanghai Petrochemical (SH: 600688) and Yizheng Fibre (SH: 600871), two controlling units of Sinopec (SH: 600028; NYSE:SNP), announced today that both companies won’t change their previous equity reform proposals after negotiating with public investors. Meanwhile, their A-shares will resume trading on October 24.
On October 16, Shanghai Petrochemical and Yizheng Fibre unveiled their equity reform schemes, saying holders of currently non-tradable shares of both companies would offer 3.2-for-10 bonus shares to holders of Shanghai-listed tradable A-shares as compensation in exchange for the right of negotiation of their currently non-tradable shares. The compensation level is slightly higher than the average compensation level of other big cap companies quoted on the Shanghai and Shenzhen stock exchanges. The split equity structure reform, kicked off in April 2005 and involving all A-share listing companies on the two bourses, is near completion. |
China Stock News