China Petroleum & Chemical Corporation (Sinopec Corp.) announced that, further to its announcement earlier this month, it has successfully completed its placing of 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. The net proceeds from the placing are approximately HK$23,970,100,618. Sinopec Corp. intends to use such net proceeds for general corporate purposes.
The Placing Shares were offered in the United States only to qualified institutional buyers in reliance on an applicable exemption from registration under the U.S. Securities Act of 1933 and outside the United States in reliance on Regulation S under the Securities Act. During the 40 days immediately following the completion of the placing, no deposit of the Company’s H Shares will be accepted into its ADR program.
1 Hong Kong dollar = 0.128951 U.S. dollars
[mappress] LNG World News Staff, February 15, 2013; Image: Sinopec