Sinopec Corp. Announces Capital Reduction Following Share Repurchase

China Petroleum & Chemical ( (HK:0386) ) has issued an announcement.

Sinopec Corp. has announced a reduction in its registered capital following the completion of a share repurchase program, which saw the cancellation of over 458 million shares. This move, approved by the board, aims to safeguard corporate value and protect shareholders’ interests. The company’s Articles of Association will be amended to reflect the new capital structure, pending approval at the 2024 annual general meeting. This strategic decision is expected to enhance Sinopec’s financial positioning and align its capital structure with its operational goals.

More about China Petroleum & Chemical

China Petroleum & Chemical Corporation, also known as Sinopec Corp., operates in the energy sector, primarily focusing on the exploration, production, and distribution of petroleum and chemical products. It is a major player in the global oil and gas industry, with a significant market presence in both domestic and international markets.

YTD Price Performance: -2.11%

Average Trading Volume: 21,769

Technical Sentiment Consensus Rating: Strong Sell

Current Market Cap: $91.05B

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