H share Huaneng Power International yesterday completed its 415 million yuan (about HK$389.1 million) purchase of power generation assets, raising the curtain on a string of potential acquisitions under the sweeping industry overhaul.
At an extraordinary meeting, independent shareholders agreed to buy 30 per cent of Shanghai Shidongkou First power plant and 5 per cent of Jiangsu Taicang power plant.
Other key conditions of the deal such as approval from authorities concerned and the legal ownership of the stakes were accepted.
The assets were bought from parent China Huaneng Group, one of the mainland's five national power generation firms replacing near monopoly State Power.
Earlier last month, the H share said the stakes were among a basket of State Power's assets to be allocated to China Huaneng and that the H share was a preferred buyer under the industry restructuring.
The deal effectively boosts Huaneng's interest in the Shanghai Shidongkou First power plant to 100 per cent and the Jiangsu Taicang plant to 75 per cent.
