SHANGHAI, Apr 20 (Reuters) Three units of Asia's biggest refiner Sinopec Corp. said they would de-list from Friday after the parent firm takes them private to simplify its structure.
Zhongyuan Petroleum Co. Ltd., Shengli Oil Field Dynamic Group and Yangzi Petrochemical will delist from China's Shenzhen stock exchange, they said in separate statements posted in official newspapers on Thursday.
''After Sinopec completed the takeover of our company's majority stake, shares owned by the public have dropped to less than 10 percent,'' said the statement by Yangzi Petro. ''That makes us no longer qualified for listing, in line with rules.'' The other two firms gave the same reason.
Sinopec paid 12.12 yuan a share for Zhongyuan Petroleum, 1.8 percent more than its last price before trading in the firm's shares were suspended on April 7.
It paid 10.30 yuan a share to privatise Shengli Oil field, 1.8 percent more than its last traded level, and 13.95 yuan for each share in Yangzi Petrochemical, a 0.8 percent premium, according to their statements posted in the Securities Times.
Public shareholders could sell their holdings at the quoted prices, the statements said.
Another Sinopec unit, Qilu Petrochemical Co., is also being privated by the parent, but has yet to announce a delisting.
After Sinopec unveiled a plan late last year to buy out Zhenhai Refining&Chemical Co. Ltd., analysts had calculated that Sinopec would need to pay over US$4 billion to buy 10 or so remaining ''baby Sinopecs'' listed in Hong Kong and China.
A sleeker corporate structure could prove crucial as Sinopec and larger rival PetroChina Co. Ltd. heed Beijing's call to buy and operate overseas oil resources, to alleviate the country's heavy reliance on imported crude.
($1=8.0138 Yuan) REUTERS CS DS1207