Huadian Fuxin to raise USD 222m in stock sale

Nov 26, 2014 - Chinese coal, wind and hydropower plants operator Huadian Fuxin Energy Corp (HKG:0816) said today it will issue some HKD 1.72 billion (USD 222m/EUR 178m) worth of new H shares to replenish working capital.

The stock will be sold only on the Hong Kong Stock Exchange to no less than six placees at HKD 4.01 apiece. The consideration is equal to a discount of about 6.5% to the closing price of Huadian Fuxin’s shares on November 25. The 428.4 million shares will correspond to about 5.09% of the firm’s enlarged share capital.

The Hong Kong branch of Swiss UBS AG (VTX:UBSN), Hongkong and Shanghai Banking Corp Ltd and Merrill Lynch Far East Ltd will act as joint book-runners of the sale, which has already received clearance by the China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission.

At the end of June, Huadian Fuxin had 3.63 GW of wind farms, 2.46 GW of hydropower capacity, 485.3 MW of solar plants, 160 MW of distributed energy projects, 25.3 MW of biomass facilities and 3.85 GW of coal-fired power plants.

(HKD 1.0 = USD 0.129/EUR 0.103)

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