Sinopec Engineering to Raise USD 2 Billion via HK IPO

Sinopec Engineering(Group) Co, a subsidiary company of China Petrochemical Corporation or Sinopec Group, is expected to raise US$2 billion or HKD 15.6 billion via HK IPO.

Sources reported that Sinopec Engineering was set up by the integration of Sinopec Group's eight construction and engineering companies.

At present, Sinopec Corp the largest refiner in Asia by capacity, holds 98% stake in Sinopec Engineering, while Sinopec Group holds the remaining 2% shares.

Sinopec Engineering will attend the listing hearing at the Hong Kong Stock Exchange on April 2013.