Date
20 October 2017

Sinopec parent plans US$17.7b stake buyback, paper says

China Petrochemical Corp. Group, parent of China Petroleum & Chemical Corp. (Sinopec Corp.) (00386.HK, 600028.CN), plans to spend as much as US$17.7 billion to buy back a 2 percent stake in the listed entity over the next year, in an apparent bid to support the nation’s sagging stock market, China Daily reported on Tuesday, citing Sinopec’s filing to the Shanghai stock exchange. The parent company started the purchase on Tuesday, buying 6.06 million shares, or 0.005 percent of the listed arm, the filing said. A 2 percent stake amounts to 2.33 billion shares, based on Sinopec’s capital base of 116.6 billion shares, the report said.

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