China Petroleum Proposes Placing of New H Shares; Shares Sink 7%


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China Petroleum & Chemical Corp. ( SNP ) has entered into an agreement with a placing agent to offer by way of placing an aggregate of 2,845,234,000 new H Shares at a price of HKD8.45 per H Share. The Placing Shares represent approximately 3.2% of the number of total issued shares as enlarged after the placing, and approximately 14.5% of the number of H Shares as enlarged after the placing, of Sinopec Corp. Assuming the placing of all Placing Shares, the aggregate net proceeds from the placing are expected to be approximately HK$23,970,100,618.

The company intends to use such net proceeds for general corporate purposes. The completion is expected to take place on or about February 14, 2013. SNP will apply to the Stock Exchange of Hong Kong Limited for the listing of, and permission to deal in, the Placing Shares.

SNP is down 6.7% at $113.18 in a 52-week range of $82.51 - $125.36.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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