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Sinochem seeks US$6b for growth
By Richard Fu |
November 11, 2011, Friday
|
Print Edition
Print Edition
SINOCHEM Corp, China's largest oil and chemical products trader, seeks up to 35 billion yuan (US$5.5 billion) in a proposed initial public offering to fund expansion.
The company plans to issue 26.5 billion A shares to raise 20-35 billion yuan in the Shanghai IPO, according to an environmental impact assessment report posted yesterday on the website of the Ministry of Environmental Protection. The company, however, didn't give a timetable for the share sale.
Sinochem will use the proceeds to finance the construction of a 12 million-ton-a-year refinery project in Quanzhou, Fujian Province. The project, which will process crude oil from Kuwait, requires a total investment of 28.7 billion yuan, the filing said.
The planned IPO may act as a catalyst for a listing by its parent, Sinochem Group, which already has several listed arms.
The company plans to issue 26.5 billion A shares to raise 20-35 billion yuan in the Shanghai IPO, according to an environmental impact assessment report posted yesterday on the website of the Ministry of Environmental Protection. The company, however, didn't give a timetable for the share sale.
Sinochem will use the proceeds to finance the construction of a 12 million-ton-a-year refinery project in Quanzhou, Fujian Province. The project, which will process crude oil from Kuwait, requires a total investment of 28.7 billion yuan, the filing said.
The planned IPO may act as a catalyst for a listing by its parent, Sinochem Group, which already has several listed arms.
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