The move means the China Power Clean Energy Development Co Ltd unit will leave the Hong Kong exchange on August 20 and be subsumed by its unlisted, Chinese state-owned parent company China Power New Energy Ltd.
Stockholders in the Hong Kong business were offered HK$5.45 (US$0.70) per share or six shares in the parent. With China Power unlisted, it is anticipated all but the two main shareholders in the Hong Kong unit – the China Power parent which owns 26.42% of the subsidiary and fellow Chinese state-owned body China Three Gorges Corporation – will take up the cash offer.
At a shareholder vote on the move, held in Hong Kong on July 12, there was opposition from the holders of 1.57% of shares in China Power Clean Energy Development.
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