China Longyuan Power to Buy Stakes in Parent's Eight Energy Companies for 1.69 Billion Yuan; Shares Soar 10%

MT Newswires Live10-23

China Longyuan Power (SHE:001289, HKG:0916) agreed to acquire equities in eight energy companies held by its controlling shareholder, China Energy Investment, for a consideration of 1.69 billion yuan, according to a Hong Kong Stock Exchange disclosure on Tuesday.

The company will takeover stakes ranging from 51% to 100% in Junan New Energy, Hukou Wind Power, Gansu Wind Power, Xiahe New Energy, Minqin Wind Power, Wuwei New Energy, Beishan New Energy and Tengxian Energy Development.

The eight companies have a total installed capacity of 2 million kilowatts.

The companies are held by CHN Energy's subsidiaries, CHN Energy Asset Management Company, CHN Energy Gansu Electric Power and CHN Energy Guangxi Electric Power, the energy company said.

China Longyuan Power's Shanghai shares soared 10% and Hong Kong shares jumped more than 6% in recent trade.

Price (HKD): $17.59, Change: $+1.6, Percent Change: +10.01%

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