China Petrochemical Gains on Board Approval of Dividend Plan

China Petrochemical Development Corp. (1314), a chemical producer, rose in Taipei trading after its board approved cash and stock dividend plans.

Shares rose as much as 6.1 percent to NT$33.20 before trading at NT$32.95 as of 10:59 a.m. local time. It was the second-biggest gainer in the MSCI Asia Pacific Index (MXAP) today.

The Taipei-based company plans to pay cash dividend of NT$1.75 a share for 2011 and stock dividend of 17.5 percent, it said in statements to the Taiwan stock exchange yesterday. Shareholders will meet on June 27 to approve the plan, it said.

To contact the reporter on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net

To contact the editor responsible for this story: Ben Richardson at brichardson8@bloomberg.net

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