China Petroleum and Chemical Corporation (Sinopec) announced on January 5 that the injection of RMB107.094 billion into its subsidiary Sinopec Refined Products Sales Co., Ltd. (the Sales Company) had been approved by the National Development and Reform Commission and the Ministry of Commerce as of December 31, 2014, and transaction closure procedures were under way.
The Sales Company signed the capital injection agreements with 25 Chinese and international investors on September 12, 2014, under which all investors will together subscribe 29.99% of its shares with a total of RMB107.094 billion in cash (including US dollars in equivalent value). Upon completion of the injection, Sinopec will hold 70.01% of the Sales Company’s shares while all other investors hold 29.99%. The capital injection was announced on September 15, 2014 by Sinopec in a public notice.
From February 19, 2014, when it announced the launch of sales business restructuring, to September 15, 2014, when the investor list was released, Sinopec efficiently accomplished the capital injection as planned, adhering to the principles of impartiality, fairness, openness and transparency.