Sinopec to spend up to 2.5 billion yuan on share repurchases

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China’s state-owned energy giant Sinopec said that it will spend 1.25 – 2.5 billion yuan on share purchases, at prices no higher than 6.18 yuan apiece and it expects to repurchase 202 – 405 million shares, representing about 0.17% – 0.33% of the company’s total issued share capital, according to a stock exchange filing.

On completion, the stock buyback plan would not impose material and adverse impact on the company’s production and operation activities, financial condition, debt performance and future development, it said.