Guodian Power 609 Million Yuan Acquisition Of 25% Stake In Xuanwei Power

2011/1/13 15:01:00 65

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Guodian Power Purchase Xuanwei Power Generation

In the evening of January 13th,

Guodian power

(600795.SH) announcement, the company intends to buy

Yunnan Investment Holdings

Group Limited (hereinafter referred to as cloud investment company) owned Guodian Xuanwei Power Generation Co., Ltd. (hereinafter referred to as Xuanwei Power Generation Company) 25% of the shares, the paction price of 609 million yuan.

After the completion of the acquisition, Guodian power will own 66% of Xuanwei Power Company.

Xuanwei Power Generation Company has a total installed capacity of 1 million 800 thousand kilowatts, which is the second largest thermal power enterprise in Yunnan province.

This time

Buy

Prior to that, the company holds 41% of its shares and is the largest shareholder. In addition, cloud head owns 34% of its shares. Yunnan Silver Tower Electric Power Engineering Co., Ltd. owns 10% stake, Yunnan Yao Rong electric Limited by Share Ltd holds 10% stake, and Yunnan electric design Industrial Co., Ltd. has 5% equity interest.

According to the announcement of Guodian electric power in January 2010, the company originally planned to acquire three of the total 25% stake, but due to objective factors, it turned into Xiang Yun investment company's acquisition.

According to the announcement, as of September 30, 2010, Xuanwei Power Company achieved net profit of 240 million yuan, net assets accounting for 1 billion 389 million yuan, the assessment value was 2 billion 639 million yuan, and the net assets appreciation rate was 97.2%.

Guodian Electric said that the increase in value was mainly due to the increasing shortage of land resources in recent ten years, and Xuanwei Power Company was closer to Xuanwei City, which resulted in a great increase in land value.

Roughly calculated, the acquisition of PB is 1.76 times, slightly lower than the electricity industry about 2 times the average.

Guodian Electric said that after the acquisition, the company will have absolute control of Xuanwei Power Company, which is conducive to the implementation of the company's follow-up development plan in Yunnan.