The resolution on the plan of overseas listing of Sinopec Marketing Co., Ltd. has been approved by the 13th Meeting of the Sixth Session of the Board of Directors, Sinopec Corp. announced on April 27. It marks another major milestone after Sinopec announced the introduction of private capital into the oil marketing business in February 2014.
According to the announcement, Sinopec Marketing Co., Ltd. (“Marketing Company”), a majority-owned subsidiary of the Company, is approved to carry out overseas listing of its shares (the “Overseas Listing” or “Spin-off Listing”), after its conversion into a joint stock limited liability company with the name “Sinopec Marketing Co., Ltd.” (“Sinopec Marketing”). The move will further deepen the reform of systems and mechanisms, stimulate the business vitality, enhance the competitiveness, activate the tremendous potential for development of the emerging business (non-fuel), and enhance the overall enterprise value of the company.
The preliminary plan remains subject to the approval by Sinopec Marketing’s board of directors and at the general meeting.