Herbert Smith Freehills and Freshfields Bruckhaus Deringer are advising on a proposed share sale by Hong Kong-listed China Petroleum & Chemical Corp., better known as Sinopec.
The Chinese state-owned oil company plans to sell 2.85 billion shares at $1.09 apiece. Goldman Sachs is serving as placing agent for the shares, which will be sold mainly to institutional investors. The transaction is expected to close Feb. 14.
In a filing to the Hong Kong Stock Exchange, Sinopec said the money raised would be used for general corporate purposes. The company also noted that the sale would help to optimize its capital and financial structure, while bringing “high caliber investors” into its shareholder base.
Herbert Smith Freehills Hong Kong partner Kevin Roy and Beijing partner Tom Chau are acting for Sinopec on the sale. The British firm also advised the Chinese company in its 2000 initial public offering.
Freshfields Hong Kong partners Ken Martin and Tereso Ko, and Beijing partner Richard Wang, are representing Goldman Sachs.
Email: tbrennan@alm.com .