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| Tuesday, November 13, 2001, updated at 14:14(GMT+8) |
Huaneng Power to Issue Domestic Shares |
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Huaneng Power International, China's largest independent power producer, is soon expected to become the nation's second overseas listed company to offer shares on the domestic market after oil giant Sinopec.
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Huaneng Power International, China's largest independent power producer, is soon expected to become the nation's second overseas listed company to offer shares on the domestic market after oil giant Sinopec.
The company said in an announcement on Monday that it expects to issue 350 million shares on the domestic-investor-only A-share market on Thursday to raise 2.54-2.78 billion yuan (US$307.1-336.1 million).
Among the offered shares, no less than 250 million shares will be sold to the public, and the remaining 100 million shares to its parent company Huaneng International Power Development Co, which Huaneng Power said will not be allowed to trade for the moment.
The company sets the initial offering price range of 7.25-7.95 yuan (87.7-96.1 US cents), or 15.4-16.9 times the price to earnings ratio.
The announcement said the A-share listing is expected to provide the company with sufficient capital and help it find a channel to raise capital on the domestic market. Huaneng Power, which was listed in Hong Kong and New York in 1994, holds an installed capacity of 10.8 million kilowatts, accounting for 3.4 per cent of the nation's total.
Standard and Poor's has affirmed a triple B rating on the company, noting the company's outlook is stable.
Last year, Huaneng Power finalized a US$695 million deal to acquire Shandong Huaneng Power Development Co.
Shares of Huaneng Power dipped 0.5 per cent on Monday to end at HK$4.80 (61.5 US cents).
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