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CTS Group Will Take Over Sinopec's Hotel Business
May 21, 2007 |
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Local media reports that China Petroleum & Chemical Corporation, also known as Sinopec, may transfer its hotel business to CTS Group and the two sides are currently discussing the merger details.
An insider has disclosed that China's State-owned Assets Supervision and Administration Commission is leading Sinopec's handing over the hotel business sector to CTS and the latter may pay some cash for part of the asset value.
In addition to negotiating Sinopec's hotel business, CTS Group is also planning to include all the CTS travel agencies under its flag. Analysts quoted in local media believe that the acquisition of Sinopec's hotels will further enlarge CTS Group's scale and be beneficial for its IPO.
Sinopec owns a number of hotels, including some high-end hotels like Jinhuang Hotel and Jinze Hotel, but the company does not have a special department to manage these hotels.
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