The century-old Hongkong Electric Holdings is set to change its name in a strategic move to signify the growing contribution of its overseas business.
The proposed new name, Power Assets Holdings, will be put to a shareholders' vote early next year.
A spokeswoman said the change only affected the holding company while Hongkong Electric, the brand in use since the first electric street lamp glowed into life on December 1, 1890, would remain unchanged.
The company's board of directors said in a filing to the Hong Kong Exchanges and Clearing yesterday that the change was intended to reflect the company's increasingly diverse worldwide interests.
'Earnings from operations outside Hong Kong are expected to continue to grow following the recent substantial acquisition of a 40 per cent interest in electricity distribution assets in the United Kingdom ... the company will continue its strategy of expanding its operations outside Hong Kong,' the statement said.
In the first six months of this year, Hongkong Electric Holdings saw a year-on-year profit growth of 10.8 per cent from overseas operations while the group's overall business earnings grew 3.2 per cent. Overseas operations accounted for 35.5 per cent of the group's earnings.