Tuesday, December 30, 2008

Huaneng gains approval to issue medium-term bonds

Huaneng Power International Inc announced on Wednesday that the company have gained the approval to issue 10 billion yuan medium-terms bonds.

Concerning Huaneng's installed capacity, it is the largest publicly traded power company in China.

As early as in Oct, Huaneng has said that they will issue all of the bonds in twelve months after get the approvals.

Under the current market conditions, the bond issue is expected to save as much as 170 million yuan for Huaneng, said the company's officers.

In the first nine months, the company reported operating loss of 2.60 billion yuan, compared with operating revenue of 1.86 billion yuan last year. Operating cost rose 91.7% year-on-year to 20.46 billion yuan, according to China Knowledge.

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