China's Sinopec gets nod on fund-raising plans

18 May 2010 11:05  [Source: ICIS news]

SHANGHAI (ICIS news)--Asia’s largest refiner Sinopec said on Tuesday it has recently secured regulatory approval to issue up to yuan(CNY) 20bn ($2.93bn) corporate bonds.

The China Securities Regulatory Commission (CSRC) approved Sinopec’s fund-raising plan on 14 May, it said.

Separately, Sinopec had also received approval from shareholders to sell as much as CNY23bn of convertible bonds at the company’s annual general meeting on Tuesday, company senior vice president Zhang Jianhua was quoted by Bloomberg as saying.

The company had announced in late March a plan to raise funds for the upgrade of its refineries and construction of new petrochemical plants.

($1 = CNY6.83)

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