China Longyuan plans USD-500m share offering - report

Nov 20, 2012 - Wind farm operator China Longyuan Power Group (HKG:0916) intends to sell some 813 million shares to raise over USD 500 million (EUR 390.4m), Bloomberg said today citing sources in the know.

The US business news and financial data provider quoted people familiar with the matter as saying that the Chinese power producer's advisors had been evaluating investor interest this month. The timing of the stock offering is yet to be set, in view of Longyuan Power's market price, Bloomberg said.

Based on the company's closing price of HKD 4.79 (USD 0.62/EUR 0.48) per share on the Hong Kong Stock Exchange today, selling 813 million shares would have fetched gross proceeds of HKD 3.89 billion or some USD 502 million, according to SeeNews calculations.

At the end of September 2012, Longyuan Power's installed wind power capacity stood at 9.04 GW, up from 7.04 GW a year earlier. Its coal power capacity was flat at 1.88 GW and other renewable energy capacity stood at 240 MW, compared with 60 MW as of September 30, 2011.

(USD 1 = EUR 0.781)
(HKD 1 = USD 0.129/EUR 0.101)

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