China Hong Kong Power Development, the joint venture that last month applied to supply electricity in Hong Kong, has finalised its fundamental shareholding details, fixing its initial authorised share capital at $20 million.
The joint venture - led by former premier Li Peng's daughter Li Xiaolin - signed an agreement on Wednesday to set up a shareholding structure and to form a nine-member board of directors.
Meanwhile, second board-listed media firm Vertex Communications & Technology Group disclosed that it would invest $3 million initially for a 15 per cent stake in China Hong Kong Power.
In an unprecedented challenge to the century-old duopoly of CLP Power and Hongkong Electric, China Hong Kong Power applied last month to lay power cables in Shataukok.
A spokeswoman for the Economic Development and Labour Bureau yesterday said the firm subsequently submitted extra information on its plan and the bureau was consulting other authorities.
Vertex said in a statement that the shareholder agreement marked 'a further step towards the company's investment in the energy business'.