Ningbo Yonglian will pay the cancellation price in cash to the ZRCC H shareholders. At the same time, Ningbo Yonglian will also issue new registered capital to Sinopec Corp. before the completion of the merger. Finally, ZRCC will be delisted and eventually deregistered.
The proposed merger has received the approval from the Board and the Board of Independent Directors of Sinopec and ZRCC, However, the completion of the merger will still be subject to approval by the shareholders of ZRCC at the general and independent shareholder meetings and approval from the relevant regulatory authorities.
Leading crude oil and petrochemical company Sinopec Corp is the first Chinese company that has been listed in Hong Kong, New York, London and Shanghai.
ZRCC is a holding subsidiary of Sinopec Corp., which listed in HKSE in December, 1994. ZRCC boasting a comprehensive crude processing capacity of 18.5 million tpa, in which high-sulfur crude processing capacity of 12 million tpa and hydrogenation processing capacity of 14million tpa, is one of China's largest processing bases for crude, imported crude, sour crude and the largest export base for oil products.
Ningbo Yonglian is a wholly-owned subsidiary of Sinopec Corp, which was established for the merger and carries no other business of its own.
marketing@alchempro.com
