Media firm Vertex Communications and Technology Group yesterday played down reports suggesting it was ready to supply electricity to Hong Kong, saying it had not sought government approval to build electricity substations and networks.
The company's 24 per cent-owned joint venture with state-owned China Power International Holdings and a Kuwaiti family had previously announced ambitious plans to become Hong Kong's No3 power utility.
Spokesmen for the venture told analysts it was technologically viable for it to supply electricity to customers near the mainland border with 11 kilovolt power cables within three to four months, and customers in Kowloon within 12 months.
But it clarified that it had not applied to the relevant authorities for approval to build the electricity substations or distribution networks.
The stock closed unchanged yesterday at 65 cents after edging up two cents on Monday on heavy trading.
Vertex first came under the spotlight in April when it floated an ambitious but sketchy plan to challenge Hong Kong's century-old electricity duopoly, CLP Holdings and Hongkong Electric Holdings. But the group has yet to provide specific business and revenue plans.