Cheung Kong Infrastructure Holdings (CKI) is to strengthen its role in mainland infrastructure development by investing in a toll road and a power plant worth more than two billion yuan (about HK$1.86 billion). The expansion plan was unveiled yesterday after the company secured approval from minority shareholders to buy a 35.01 per cent stake in Hongkong Electric Holdings. Minority shareholders of Hutchison Whampoa yesterday also agreed to pay Cheung Kong (Holdings) in cash and shares for its entire 70.66 per cent stake in CKI. Li Ka-shing, chairman of Cheung Kong and Hutchison, said the reshuffle had received majority support from minority shareholders of Hutchison and CKI. The reshuffle of Mr Li's four listed companies will be completed next Monday, after securing the approval of minority shareholders from the two remaining companies. Shares of Cheung Kong yesterday rose $2.75 to end at $76.75. Hutchison closed up 75 cents at $59.75, CKI edged up 10 cents to $22, and Hongkong Electric was unchanged at $26.80. Mr Li said Cheung Kong would treat the $9.6 billion surplus arising from the asset reshuffle as profit. He did not say how it would be booked, but said the company would stick to its accounting policy. CKI, which becomes an 84.58 per cent owned subsidiary of Hutchison after the reshuffle, would invest in infrastructure projects in China, Mr Li said. CKI managing director Kam Hing-lam said the company had signed a letter of intent to invest in a one billion yuan power plant in China's northwest power grid. He said the project would not be finalised until the contract was signed. The power plant, which is operational, has a combined installed capacity of 800 megawatts of electricity. CKI yesterday signed a letter of intent to invest in a one billion yuan toll road project in Jiangmen, Guangdong province. The Jiangmen section of Jiangmen-Zhuhai highway is the fourth of CKI's planned five toll road and bridge investments in Jiangmen. Jiangmen municipal communication commission director Lu Depei said CKI held 50 per cent of the 28-kilometre Jiangmen section. He expected an initial flow of 15,000 to 20,000 cars a day, growing by 10 per cent each year. Mr Kam said he expected a contract for the project to be signed in four months. Analysts said CKI would continue to expand its investment portfolio in China after becoming a subsidiary of Hutchison. Cheung Kong will receive $5.56 billion and 254.31 million new shares in Hutchison for its stake in CKI. This will raise its shareholding in Hutchison to 48.95 per cent from 45.36 per cent. Mr Li said Cheung Kong would continue to build its shareholding in Hutchison to more than 50 per cent by May, but that it was barred from buying shares on the market until Hutchison's results had been announced.