Huaneng Power plans issue to finance acquisition of plant

Huaneng Power International says it will issue 250 million shares, to be listed in Hong Kong, to help pay for a recently acquired power plant. Proceeds would fund the purchase of Shanghai Sidongkou Second Power Plant, acquired from parent Huaneng International Power Development Corp for 6.5 billion yuan (about HK$6.02 billion), spokesman Ma Hongen said. Under the purchase agreement, Huaneng Power also had the right to develop Phase Two of the plant. Mr Ma said the share issue would also open a new source of funds for the company to aid future development.