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SINOPEC Engineering (Group) Co., Ltd. Class H ( (HK:2386) ) has issued an update.
SINOPEC Engineering (Group) Co., Ltd. has announced that its wholly owned subsidiary SNEI will acquire 100% of the equity in East China Pipeline Design and Research Institute from Pipeline Storage and Transportation Asset, a subsidiary of its controlling shareholder Sinopec Group, for RMB191.2 million. Following completion, the institute will become a subsidiary and be consolidated into the group’s financial statements, further integrating pipeline design and research capabilities within the group. The deal, priced with reference to an income-based valuation that values the institute’s shareholders’ interests at RMB191.2 million, represents a connected transaction under Hong Kong listing rules; because the relevant percentage ratios exceed 0.1% but are below 5%, it requires reporting and announcement but is exempt from independent shareholders’ approval. The transaction is expected to strengthen SINOPEC Engineering’s position in pipeline engineering and design while formalizing the transfer of undistributed profits associated with the acquired interests to SNEI, without including post-valuation-period profit or loss in the consideration.
The most recent analyst rating on (HK:2386) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on SINOPEC Engineering (Group) Co., Ltd. Class H stock, see the HK:2386 Stock Forecast page.
More about SINOPEC Engineering (Group) Co., Ltd. Class H
SINOPEC Engineering (Group) Co., Ltd. is a PRC-incorporated engineering and construction company focused on the oil, gas, petrochemical and related pipeline sectors, providing engineering, procurement and construction services and technical solutions primarily to entities within the Sinopec Group and other energy and infrastructure clients.
Average Trading Volume: 4,072,293
Technical Sentiment Signal: Buy
Current Market Cap: HK$32.12B
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