Sinopec Corp. Announces Proposed Placing of New H Shares

Feb 04, 2013, 10:53 ET from China Petroleum & Chemical Corporation

BEIJING, Feb. 4, 2013 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") (HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028) has entered into an agreement today with a placing agent to offer by way of placing an aggregate of 2,845,234,000 new H Shares (the "Placing Shares") at a price of HKD8.45 per H Share. The Placing Shares represent approximately 3.2% of the number of total issued shares as enlarged after the placing, and approximately 14.5% of the number of H Shares as enlarged after the placing, of Sinopec Corp. Assuming the placing of all Placing Shares, the aggregate net proceeds from the placing are expected to be approximately HK$23,970,100,618. Sinopec Corp. intends to use such net proceeds for general corporate purposes. The completion is expected to take place on or about February 14, 2013. An application will be made by Sinopec Corp. to the Stock Exchange of Hong Kong Limited for the listing of, and permission to deal in, the Placing Shares. As the completion of the placing is subject to the satisfaction of certain conditions precedent and the placing agent's termination rights, the placing may or may not proceed.

The Placing Shares will be offered in the United States only to qualified institutional buyers in reliance on an applicable exemption from registration under the U.S. Securities Act of 1933 (as amended) (the "Securities Act") and outside the United States in reliance on Regulation S under the Securities Act.

This press release is for information purposes only and is not and does not constitute an offer to sell, solicitation of an offer to buy, or the sale of, any of the securities described herein in any jurisdiction. The securities to be offered have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

About Sinopec Corp.

Sinopec Corp. is one of the largest integrated energy and chemical companies with upstream, midstream and downstream operations in the PRC. Its principal operations include: the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, synthetic fibre, fertiliser and other chemical products; import and export, as well as import and export agency business of oil, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

For additional information about Sinopec Corp., please visit the Company's website at

Forward-looking Statements

This press release contains forward-looking statements. Forward-looking statements give the Company's current expectations or forecasts of future events based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in the Company's filings with the Securities and Exchange Commission. Although it believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot assure you that its expectations will prove correct. Forward-looking statements in this press release relate to, among other things, the closing of the placement and the use of proceeds therefrom. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. The forward-looking statements speak only as of the date made and, other than as required by law, the Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.

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SOURCE China Petroleum & Chemical Corporation