China Power International takes shares in Macao

Home>>Business

Last updated at: (Beijing Time) Wednesday, July 30, 2003

China Power International takes shares in Macao

DISCUSSION

CHINESE

SEND TO FRIEND

China Power International Holding Ltd. (CPI), the investment arm of one of the five flagship power generators in China's mainland, got involved in the power supply in Macao on Tuesday by taking over six percent of shares of the Macao Electricity Company (CEM).

Zhu Xiaolin, vice president of CPI, signed the share acquisition contract with CEM's current shareholders -- SUEZ, a Sino-French joint venture, and the Portuguese Electric Utility (EDP), each of which holds 45 percent of CEM shares.

With an asset worth 3 billion patacas (375 million US dollars),CEM has had its power interconnection hooked up with the south China power grid. As the only power generation company in Macao, CEM has made a reliable power supply for 16 years.

Yves-Thibault de Silguy, vice president of SUEZ, said that CPI's share acquisition is significant to show its motivation and capacity to contribute to CEM's business, and it can also provide new business opportunities for CEM.

CPI, a company registered in Hong Kong, is fully owned by the China Power Investment Corporation (CPIC). Under the recently completed China power industry reform plan, the country's power industry assets previously held by the State Power Corporation will be owned and managed by five power generation consortiums, and CPIC is one of them. The acquisition deal has been considered a part of its strategic development plan to strengthen its portfolio in the southern China region.

Questions?Comments? Click here

China's High-tech Export Surges in First Half Year ( 3 Messages)

Taiwan Ties Mar Japan's China Interests: News Analysis ( 2 Messages)

Woman Protests with Minibus Dragged by Donkey in Xi'an ( 30 Messages)

Chinese Vice-Premier Pushes Job Creation ( 2 Messages)

New Yorkers Join "Stop Violence" Rally ( 2 Messages)