Sinopec Regroups Wuhan Petroleum     

Wuhan Petroleum Co., Ltd. (SZ: 000688) announced on July 31st that its reformation scheme has been approved by China Securities Regulatory Commission. The company will quit the stock market and become a wholly-owned subsidiary of Sinopec Corp. Its listing certification has been transferred to a homebuilding company.
    Wuhan Petroleum was listed in Shenzhen Stock Exchange in 1996, controlled by Sinopec Corp. Its business has some overlapping with the main business of the parent Sinopec Corp. Sinopec Corp. hoped either privatize the company or totally sell the company to solve the problem of business overlapping. The privatization is finally chosen.
    At the end of 2006, Wuhan Petroleum published the first reformation scheme that Wuhan Petroleum would sell all its assets to Sinopec Corp. for a consideration of RMB388 million. That scheme however failed to get the approval of shareholders.