China's Sinopec wants one more year to issue A share convertibles

By Marisa Wong

Madison, Wis., Oct. 29 - China Petroleum & Chemical Corp. (Sinopec) is proposing to further extend the window in which it can issue A share convertible bonds, according to a company announcement.

The proposed issuance of A share convertible bonds was approved by shareholders at a general meeting in 2011. That approval expired in October 2012, but Sinopec's board of directors decided to extend it to Oct. 11, 2013. Shareholders approved the initial extension in May.

The company said that it still has not issued any A share convertibles.

As a result, the company is seeking to extend the issuance window again, this time to Oct. 11, 2014. The extension is still subject to shareholders approval at an upcoming meeting.

The petroleum and chemical company is based in Beijing.

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