China Power International Development to Reduce Stakeholding in Coal Power Firm

MT Newswires Live12-09

Huainan Mining Industry (Group) agreed to inject 152.8 million yuan into the registered capital of China Power International Development (HKG:2380) unit Anhui Huainan Pingwei Electric Power for an 11% stake, a Dec. 6 bourse filing said.

Following completion, the company's equity holding in Pingwei Power will decline to 49% from 60% previously and the latter will cease to be a unit of the former.

Huainan Mining currently owns a 40% stake in Pingwei Power, which engages mainly in the generation and sales of coal-fired power.

The move comes about in order for the parties to deepen their existing collaboration of coal-and-power joint-operation related to new project development and equity restructuring.

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