China Resources to Sell HK asset to Sinopec

China’s Sinopec Corp. will pay HK$4 billion (US$512.04 million) in cash for Beijing-backed China Resources Enterprise Ltd.’s Hong Kong petroleum distribution arm, strengthening the oil refiner’s foothold in the city. “It will trigger a HK$2.4 billion (US$307.22 million) one-off gain on the sale and we therefore raise (China Resources’) 2007 expected earnings per share by 105% to HK$1.88 (US$0.24),” Goldman Sachs said in a note.  A sale and purchase agreement is expected to be signed in mid-April. (March 15, 2007)