China Power Completed the Acquisitions of the Entire Equity Interests in Guangxi Company and Shandong Company from Controlling Shareholders
On 31 May, China Power published an announcement in relation to the completion of the acquisition of the entire equity interest in Guangxi Company and Shandong Company from controlling shareholders and of financial consolidation. Pursuant to the completion audited report, the adjusted considerations for the acquisitions of Guangxi Company and Shandong Company by the Company were RMB3.595 billion and RMB61 million respectively.
Upon the completion of the acquisitions of these two companies, China Power's resource advantages and development potential in Guangxi and Shandong will be enhanced, which will improve the Company's profitability and speed up the implementation of its "Four Transformations" strategy.
In October 2017, China Power announced the acquisitions of the entire equity interests in seven target companies, namely Shandong Company, Anhui Company, Shouxian Company, Hubei Company, Guangdong Company (excluding Qianzhan), Sihui Company and Guangxi Company, from its mother company SPIC and CPI Holding. In November 2017, this transactions was approved at the extraordinary general meeting of China Power. The acquisition of five other target companies is pending final approval by relevant administration department, the progress of which will be announced in a timely manner.
The transactions and company names mentioned herein shall have the same meanings as those referred to in the relevant transaction announcement published on the website of the Hong Kong Stock Exchange.