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PetroChina Company Ltd., China's largest oil producer, closed its major buyout process of listed subsidiaries recently with the delisting of Jilin Chemical Industrial Company Ltd. from the domestic A share market on Sunday.

 

An announcement made by Jilin Chemical on Monday said valid acceptances under the A Share Offer had been received in respect of 157,700,200 Jilin A shares, representing approximately 78.85 percent of the nominal value of the Jilin A shares and 4.43 percent of the total shares of the company.

 

When the transaction is over, PetroChina will hold 97.22 percent of the total shares of Jilin Chemical so that the subsidiary will be delisted according to related regulations.

 

PetroChina announced on Oct. 31 2005 that it will buy back its three major listed subsidiaries and delist them when the buyout process is over.

 

The three subsidiaries are Liaohe Jinma Oilfield Co. Ltd., Jinzhou PetroChemical Co. Ltd. and Jilin Chemical.

 

The buyout of Liaohe Jinma and Jinzhou PetroChemical were closed on Dec. 15, 2005.

 

According to PetroChina, the price represents a premium of 15.5 percent, 6.92 percent, 10.10 percent and 18.76 percent over the closing price of the H shares and A shares of Jilin Chemical, A shares of Jinzhou PetroChemical and Liaohe Jinma respectively when they were suspended.

 

The total bid represents a premium of some 10 percent over the closing prices of the three units.

 

China Petroleum & Chemical Corporation (Sinopec), China's largest oil refinery and second largest oil producer, started up their major restructuring process Wednesday, announcing that it will buy back its four listed subsidiaries at a cash offer of 14.3 billion yuan (US$1.78 billion).

 

(Xinhua News Agency February 17, 2006)