Wednesday, December 31, 2008

Power to buy Hebei-based energy firm for RMB 729 mln

Huadian Power International Corp<600027><1071>, China's largest independent power producer (IPP), announced late Monday it has inked agreement with Hebei Huarui Energy Group to take over the latter for RMB 729 million, the China Securities Journal reported.

Upon the completion of the deal, the Hebei-based energy company would become Huadian Power's wholly-owned subsidiary.

The power producer said in a statement that the deal is expected to boost its business presence in the province with strong electricity demands and enhance its business performance.

According to the report, Huarui booked unaudited revenue of RMB 710 million during the first four months this year. Its audited revenue last year hit RMB 2.071 billion, and net profit was RMB 256 million.

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