New York-listed Huaneng Power International says it plans to speed up the acquisition of assets from its parent to aid earnings. 'We want to hasten the pace of the acquisition because it will be beneficial to the company's development, earnings prospects and returns to shareholders,' head of investor relations Ma Hongen said. The buying spree would proceed alongside the company's proposed power plant developments disclosed in its listing prospectus in 1994. Mr Ma said the N-share company had not laid down a timetable for the planned acquisitions. Because the plan involved the transfer of assets, it would be subject to approval by the board of directors and shareholders, as well as relevant government departments such as the Administrative Bureau of State-owned Property, he said. The move also would rest on the company's ability to raise further funds, but Mr Ma dismissed fears it would resort to a share placement. 'The board is studying the acquisitions, together with alternatives for raising additional funds,' he said. The plan could involve commercial loans and international debt issues, he said.
