Huadian Power seeks to sell Ningxia stake for over USD 218m
Nov 30, 2012 - Chinese firm Huadian Power International Corp (HKG:1071) today said it had put up for sale its 23.66% stake in Ningxia Group at an initial bidding price of CNY 1.36 billion (USD 218.3m/EUR 168.1m).
The target company, majority state-owned, is engaged in coal-fired, solar and wind power generation. It booked a net profit of CNY 286.2 million in 2011.
Chinese companies that have operated for no less than eight years, have registered capital of at least CNY 5 billion and net assets for 2011 of CNY 5 billion, will be considered successful bidders, Huadian Power said. The tender offer will be open for 20 working days and will close on December 28.
The vendor, which operates thermal and renewable power plants, will use the net proceeds from the deal, estimated at CNY 280 million, as working capital.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.