Independent shareholders in the Hong Kong-listed clean energy project development business of Chinese power giant China Power have voted through a plan to de-list from the island stock exchange.
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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