Sinopec Corp. acquired 7.049 billion yuan of assets and liabilities from related parties such as thermal power and water

　　Sinopecannouncement，SinopecPurchase non-equity assets and liabilities such as thermal power and water affairs held by the company’s related party asset company at the price of 4,432,257,700 yuan, and the equity of 5 companies held by the asset company;SinopecYizheng Chemical Fiber, its wholly-owned subsidiary, intends to purchase non-equity assets and liabilities such as the PBT resin business of the Yizheng branch held by the asset company at a price of RMB 1,142,995,200, as well as the equity of two companies held by the asset company; Sinopec Corp. is 147,369.77. The price of 10,000 yuan to purchase non-equity assets and liabilities such as thermal power business held by Yanshan Group.

This transaction is conducive to further improving the company’s integrated operation level, achieving optimized resource allocation and business synergy, enhancing the company’s comprehensive competitiveness in the business location, and reducing related transactions as a whole. The intangible assets included in the underlying assets this time are mainly land use rights. After the completion of this transaction, the useful life or amortization period of the above-mentioned intangible assets shall be determined in accordance with the legal use right period of the relevant intangible assets, and shall be amortized year by year according to the amortization period. After the completion of this transaction, the seller will no longer continue to use these intangible assets.

(Source: ShanghaiSecuritiesNewspaper ChinaSecuritiesnet)

Article source: Shanghai Securities News·China Securities Net

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Original title: Sinopec’s acquisition of assets and liabilities of related parties such as thermal power and water affairs for 7.049 billion yuan