Sinopec to revamp unit ahead of IPO

HONG KONG • China Petroleum and Chemical Corp (Sinopec) has mandated six banks to advise it on a restructuring of its fuel distribution unit ahead of a planned IPO in Hong Kong, IFR reported yesterday, citing people close to the deal.

The advisers will help the unit, Sinopec Marketing, transition from a limited liability company with fewer than 50 shareholders to a corporation that can have a multitude of investors and a board of directors, among other things, one person said.

The initial public offering could raise about US$12 billion (S$17.3 billion), another source said, although the value is subject to market conditions at the time of the listing.

Sinopec Marketing operates fuel stations and more than 23,000 convenience stores around the country.

REUTERS

Intel inks digital mapping deal

FRANKFURT • US chipmaker Intel will take a 15 per cent stake in a German digital mapping firm named Here, it said on Tuesday, as it seeks to build its presence in automated driving technology.

Intel and Here said in a statement that they had also signed an agreement to collaborate on the research and development of real-time updates of high-definition maps for highly and fully automated driving.

Intel did not disclose how much it would pay.

Last month, GIC and two Chinese companies agreed to buy a 10 per cent stake in Here.

In July last year, BMW teamed up with Intel and Mobileye to develop self-driving cars by 2021.

BMW, Daimler and Volkswagen bought Here for €2.8 billion (S$4.2 billion) in 2015 from mobile equipment maker Nokia.

REUTERS