China Shenhua Energy to Invest Further in China Energy Finance

MT Newswires Live12-22 12:14

China Shenhua Energy (HKG:1088, SHA:601088) will invest a further 6 billion yuan in China Energy Finance, according to a Hong Kong bourse filing Friday.

Shares of the energy firm fell over 1% in morning trade Monday.

The investment follows China Energy Finance's decision to increase its registered capital by 15 billion yuan.

China Shenhua Energy said its investment was in proportion to its holding in China Energy Finance, while a further 9 billion yuan will be contributed by China Energy Investment Corp.

Elsewhere, China Shenhua Energy said it amended a previously entered asset purchase agreement with China Energy Investment Corp., according to a separate Hong Kong filing.

The company is due to acquire certain power assets from China Energy Investment, but amended the agreement to exclude the purchase of an e-commerce company.

To settle payment, China Shenhua Energy said it would undertake a share offering.

The company plans to issue Class A shares worth up to 20 billion yuan.

In a separate Hong Kong filing, China Shenhua Energy said it renewed its factoring services agreement with Guoneng Factoring for an additional year.

The agreement will see Guoneng Factoring providing the company factoring services and factoring-related services such as consulting, agency, asset management and supply chain finance platform services until Dec. 31, 2026.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment