BEIJING (XFN-ASIA) - China Petroleum & Chemical Corp (Sinopec) said it is selling out of United Securities Co Ltd and CNHTC Finance Co Ltd, a unit of China National Heavy-Duty Truck Corp (CNHTC.)
Sinopec said in a statement filed with the Shanghai bourse that it will sell its entire 1.05 pct stake in United Securities on the Shanghai United Assets and Equity Exchange and has set a floor price of 8.63 mln yuan.
Shenzhen-based United Securities posted a net profit of 7.91 mln yuan last year, compared with a loss of 135.43 mln yuan in 2005.
Separately, Sinopec is selling its entire 3.4214 pct stake in CNHTC Finance on the Shanghai bourse for a minimum 18.06 mln yuan.
The parent company, CNHTC, or Sinotruk, is China's third-largest truck maker and in a joint venture with Volvo AB in China.
CNHTC Finance reported a net profit of 20.84 mln yuan last year, up from 10.64 mln in 2005.
Earlier, Sinopec and its unit Sinopec Shanghai Petrochemical Co Ltd (SHA 600688; HK 0338; NYSE SHI) put their combined 0.68 pct stake in Guotai Junan Securities, for sale on domestic bourses.
China has required central government-owned enterprises to consolidate assets to focus on their core business.
State Grid Corp, one of China's two state-owned power transmission firms, has offered for sale its entire stakes in Shanxi Securities Co, Yong An Property Insurance Co and Shenzhen Financial Leasing Co.
(1 usd = 7.43 yuan)
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