Sinopec Kantons eyes 50% stake in Zhan Jiang Port Petrochemical
Sinopec Kantons Holdings Ltd , which is engaged in the trading of crude oil, petroleum and petrochemical products and the operating of a crude oil jetty and its ancillary facilities, has agreed to acquire a 50% stake in Zhan Jiang Port Petrochemical Jetty Co Ltd from Zhan Jiang Port Group Co Ltd for RMB 331.99 million, sources reported, China Knowledge reports.
Zhan Jiang Port Petrochemical Jetty will become an associated company of Sinopec Kantons after the deal is completed.
Sinopec Kantons expected that Zhan Jiang Port Petrochemical Jetty will be one of the major contributors to its profit in the future.
Zhan Jiang Port Petrochemical Jetty owns a jetty complex in Zhanjiang of South China's Guangdong Province. The complex includes oil tanker handling, crude oil, petroleum, and petrochemical products unloading, storage and pipeline transmission facilities.
In 2010, turnover of Sinopec Kantons was HK$16.59 billion, compared with HK$21.28 billion recorded in 2009. Profit was HK$195.69 million, compared with HK$196.83 million booked a year ago. Basic and diluted earnings per share were 18.87 HK cents, compared with the 18.98 HK cents recorded a year earlier. Net assets were HK$2.54 billion last year. A final dividend of 2.0 HK cents per share was recommended for the year ended Dec. 31, 2010.
Zhan Jiang Port Petrochemical Jetty will become an associated company of Sinopec Kantons after the deal is completed.
Sinopec Kantons expected that Zhan Jiang Port Petrochemical Jetty will be one of the major contributors to its profit in the future.
Zhan Jiang Port Petrochemical Jetty owns a jetty complex in Zhanjiang of South China's Guangdong Province. The complex includes oil tanker handling, crude oil, petroleum, and petrochemical products unloading, storage and pipeline transmission facilities.
In 2010, turnover of Sinopec Kantons was HK$16.59 billion, compared with HK$21.28 billion recorded in 2009. Profit was HK$195.69 million, compared with HK$196.83 million booked a year ago. Basic and diluted earnings per share were 18.87 HK cents, compared with the 18.98 HK cents recorded a year earlier. Net assets were HK$2.54 billion last year. A final dividend of 2.0 HK cents per share was recommended for the year ended Dec. 31, 2010.
