China’s second largest state-owned oil company, China Petroleum & Chemical Corp. (Sinopec Corp.) says one of its subsidiaries has sold 29.99% of itself to 25 privileged domestic and foreign investors for RMB107.1 billion (US$17 billion), according to a regulatory filing.
As part of China’s effort to bring private capital to diversify its state-owned enterprises, the investment will see Sinopec’s ownership of the subsidiary, Sinopec Marketing Company, decrease to 70.01% from the previous 100%.
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