China Aviation Oil to undergo shareholder restructuring

CNAF retains 51.31% stake.

China Aviation Oil (Singapore) Corporation said its controlling shareholder, China National Aviation Fuel Group (CNAF), will proceed with a corporate restructuring following approval from the State Council of the People’s Republic of China.

The restructuring will involve China Petrochemical Corporation (Sinopec) and CNAF, and remains subject to further regulatory approvals and filing procedures under applicable regulations. The company said the process follows deliberation by the State-owned Assets Supervision and Administration Commission of the State Council.

As at the announcement date, CNAF holds 51.31% of China Aviation Oil’s total issued shares, excluding treasury shares, maintaining its position as the company’s controlling shareholder.

China Aviation Oil said the restructuring is not expected to have any material impact on the normal business operations of the company and its subsidiaries.

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