China Power International takes shares in Macau
( 2003-07-30 15:33) (Xinhua)
China Power International Holding Ltd (CPI), the investment arm of one of the
five flagship power generators in China's mainland, got involved in the power
supply in Macau Tuesday by taking over 6 percent of shares of the Macau
Electricity Company (CEM).
Zhu Xiaolin, vice president of CPI, signed the share acquisition contract
with CEM's current shareholders -- SUEZ, a Sino-French joint venture, and the
Portuguese Electric Utility ( EDP), each of which holds 45 percent of CEM
shares.
With an asset worth 3 billion patacas (US$375 million), CEM has had its power
interconnection hooked up with the south China power grid. As the only power
generation company in Macau, CEM has made a reliable power supply for 16 years.
Yves-Thibault de Silguy, vice president of SUEZ, said CPI' s share
acquisition is significant to show its motivation and capacity to contribute to
CEM's business, and it can also provide new business opportunities for CEM.
CPI, a company registered in Hong Kong, is fully owned by the China Power
Investment Corporation (CPIC). Under the recently completed China power industry
reform plan, the country's power industry assets previously held by the State
Power Corporation will be owned and managed by five power generation
consortiums, and CPIC is one of them. The acquisition deal has been considered a
part of its strategic development plan to strengthen its portfolio in the
southern China region.
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