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Article: Yangtze Power to acquire $15.74 bln in assets from parent.
- Article from:
- China Business News
- Article date:
- May 18, 2009
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Yangtze Power to acquire $15.74 bln in assets from parent
Shanghai. May 18. INTERFAX-CHINA - China Yangtze Power Co. Ltd., the listed arm of China Three Gorges Project Corp. (CTGPC), announced on May 16 that it will acquire assets worth RMB 107.5 billion ($15.74 billion) from its parent, which include 18 power generators.
Yangtze Power will buy the 700-megawatt (MW) generators along with related assets including a CTGPC dam and factory, according to the announcement.
It plans to finance the acquisition by raising RMB 50 billion ($7.32 billion) in debt and by issuing 1.55 billion new shares worth RMB 20 billion ($2.93 billion) to CTGPC, which ...