Sinopec's engineering subsidiary to issue H-shares
BEIJING - Sinopec Engineering (Group) Co, a subsidiary of China's largest oil refiner Sinopec Group, announced Thursday that it will issue H-shares globally and will be listed on the main board of the Hong Kong Limited Stock Exchange in late May.
Of the 1.328 billion H-shares it plans to issue globally, 5 percent will be initially offered during the Hong Kong public offering, the company said.
The indicative price range will be HK$9.8 ($1.26) to HK$13.1 per H-share.
The company can also issue up to 199.2 million additional H-shares through the exercise of over-allotment options.
As part of Sinopec's restructuring moves, the global public offerings of Sinopec Engineering (Group) Co are expected to raise about HK$14.91 billion for the company.
The Hong Kong public offering will commence on May 10 and close on May 15. Dealings on the main board of the Hong Kong Limited Stock Exchange are expected to commence on May 23 in board lots of 500 H-shares each, according to the company.
As the construction arm of the state-owned giant Sinopec Group, Sinopec Engineering (Group) Co officially went into operation in September 2012. It now has 10 wholly-owned subsidiaries.
