BEIJING, Dec 28 (Reuters) - Sinochem Power, a unit of China's Sinochem Group, has agreed to promote
BEIJING, Dec 28 (Reuters) – Sinochem Power, a unit of China’s Sinochem Group, has agreed to promote a 20% stake to 5 state-owned corporations for 11.56 billion yuan ($1.65 billion), Xinhua information company reported.
The strategic buyers included monetary funding arms of Agricultural Financial institution of China 601288.SS, 1288.HK and Industrial Financial institution of China (ICBC) 601398.SS, 1398.HK, and Citic Securities Funding Co, the official information company mentioned late on Friday.
Sinochem Power operates the group’s oil and petroleum merchandise buying and selling, refining, storage and logistics, in addition to distribution and retail companies, however not its struggling upstream enterprise that features abroad oil and fuel manufacturing.
China Nationwide Chemical Corp, or ChemChina, has additionally approached Chinese language state-backed buyers for as much as $10 billion in funding as a part of a reorganisation of its agrichemicals enterprise forward of a public float, sources have mentioned.
The fundraising efforts and eventual inventory market itemizing are designed…