Sinopecs "Exercise of Sinotecs CB Call Option, Largest Shareholder Stake at 10%"

[Asia Economy Reporter Kwangho Lee] Sinopec announced on the 24th that its largest shareholder, Sinotex, secured 2,061,855 shares through the exercise of a call option on convertible bonds (CB). The conversion price per share is 2,910 KRW. As a result, Sinotex's stake in Sinopec will increase from the previous 7.47% to 10.0%.

A company official stated, "The 6 billion KRW from Sinotex's call option exercise will resolve the portion previously recorded as debt," adding, "The debt ratio has decreased, improving financial stability."