HONG KONG Jan 4 China Petroleum and Chemical
Corp (Sinopec) has mandated six banks to advise it on
a restructuring of its fuels distribution unit ahead of a
planned initial public offering in Hong Kong, IFR reported on
Wednesday, citing people close to the deal.
Sinopec tapped China International Capital Corp Ltd (CICC)
, China Merchants Securities, CITIC Securities Co Ltd
, Citigroup, Goldman Sachs and
Morgan Stanley for the financial advisory role, added
IFR, a Thomson Reuters publication.
The company had invited 14 banks to pitch for the role,
people close to the deal previously told Reuters.
The advisers will help the unit, Sinopec Marketing Co Ltd,
transition from a limited liability company, which has less than
50 shareholders, into a corporation that can have a multitude of
investors and a board of directors, among other things, one
The IPO could raise about $12 billion, a separate person
said, though the value is subject to market conditions at the
time of the listing.
Sinopec and all the six banks didn't immediately reply to a
Reuters request for comment on the advisory role and
restructuring of Sinopec Marketing.
(Reporting by Fiona Lau of IFR; Additional reporting by Elzio
Barreto and Julie Zhu; Editing by Muralikumar Anantharaman)