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Parent company raises stake in Sinopec

Jan. 10, 2012 (China Knowledge) - Sinopec<600028><0386>, Asia's largest oil refiner, announced yesterday that its parent company China Petrochemical Corp or Sinopec Group has raised its stake in the company to 76.38%.

Sinopec said in a statement that the parent company on January 9 bought 39.08 million A shares of the company. Meanwhile, Sinopec Century Bright Capital Investment Ltd, a wholly-owned subsidiary of Sinopec Group, purchased 425 million H shares on the secondary market.

As of to date, Sinopec Group holds 66.22 billion shares of Sinopec so far.

Sinopec also said that the parent company plans to buy more of its shares in the following 12 months from January 9 to increase its stake by up to 2%.

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