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CNBC AI News, September 3rd – China Petroleum & Chemical Corporation (China Petroleum, also known as Sinopec) announced late yesterday a proposed transfer of state-owned shares.
According to the filing, Sinopec’s controlling shareholder, China National Petroleum Corporation (China Petroleum Group), intends to transfer 541,202,377 A-shares of China Petroleum – representing 0.3% of the company’s total share capital – to China Mobile Communications Group Co., Ltd. (China Mobile Group) through a state-owned equity transfer.
Notably, the transfer of these 541,202,377 shares will occur at a price of zero yuan.
The announcement clarifies that this change in shareholder equity is due to the state-owned share transfer, does not involve a tender offer, and will not result in a change in the company’s controlling shareholder or ultimate controller. Furthermore, it is not expected to have a material impact on the company’s normal production and business operations.
The filing states that the two parties have already signed a share transfer agreement. However, the transfer is still subject to approval from the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, and the transfer of shares requires completion of share ownership registration procedures.
Moreover, the announcement provides context for the transfer, explaining that it aims to further deepen the strategic cooperation between China Petroleum Group and China Mobile Group, broaden cooperation areas, optimize the company’s equity structure, and achieve complementary advantages, a win-win partnership, and common development. The move signals a potentially closer alignment between the energy giant and the telecom behemoth, underscoring the increasing convergence of these traditionally distinct sectors.
China Petroleum Group and China Mobile Group signed a strategic cooperation agreement in January 2024. According to the agreement, the two sides will jointly promote national-level key projects and carry out innovative cooperation, mutually beneficial cooperation, and in-depth cooperation in multiple fields.
For context, a gratuitous transfer of state-owned equity refers to the transfer of state-owned equity in an enterprise between legal entities such as government agencies, public institutions, wholly state-owned enterprises, and wholly state-owned companies as stipulated by law.
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Original article, Author: Tobias. If you wish to reprint this article, please indicate the source:https://aicnbc.com/8529.html
