Sinopec (SNP -6.8%) reveals plans to raise HK$24B ($3.1B) in a placement of 2.85B Hong...

|By:, SA News Editor

Sinopec (SNP -6.8%) reveals plans to raise HK$24B ($3.1B) in a placement of 2.85B Hong Kong-listed shares at HK$8.45 each. Dealing with substantial debt isn't the only item clouding SNP's outlook: It is bearing some of the responsibility for cleaning up Beijing's foul air. Chairman Fu Chengyu says SNP will invest ~30B yuan/year ($4.8B) to improve its refiners, up from an average ~20B annually for the last decade.