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CSRC nods restructuring plan of Sinopec Yizheng Chemical Fiber

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2014-12-09 GMT+8:00

BEIJING, Dec. 8 (Xinhua) - China Securities Regulatory Commission (CSRC) has approved the assets restructuring plan of Sinopec Yizheng Chemical Fiber Co. Ltd (600871.SH; 01033.HK), a listed arm of China's largest oil refiner Sinopec (SNP.NYSE; 00386.HK; 600028.SH), said a release by Sinopec Corp. on Friday.

Sinopec Yizheng Chemical Fiber Co. has been given approval from State-owned Assets Supervision and Administration Commission (SASAC) in October.

Sinopec Group intends to channel its petroleum engineering assets and business into Sinopec Oilfield Service Corporation, which would acquire all shares of Sinopec Yizheng Chemical Fiber Co. and go public.

Sinopec Group hold no less than 61.06 percent shares of Sinopec Yizheng after the restructuring and Sinopec Yizheng would have no more than 15.1 billion shares, said a release by Sinopec Yizheng. (Edited by Liu Yanan, liuyn@xinhua.org)

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