More control for petrochemical firm

PUBLISHED : Monday, 27 October, 1997, 12:00am
UPDATED : Monday, 27 October, 1997, 12:00am

H-share Shanghai Petrochemical will gain extra revenues of up to 600,000 yuan (about HK$556,800) a year for taking over the management of six subsidiaries of its parent company for the next three years. The contract is expected to begin next month.

The six firms were originally controlled by Sinopec Jinshan Industrial, which was dissolved in August.

They have now been placed under the direct control of China Petrochemical Corp (Sinopec), a majority shareholder of Shanghai Petrochemical. Shanghai Petrochemical said the management fees for the six firms would amount to 500,000 to 600,000 yuan a year.