BEIJING, June 30 /Xinhua-PRNewswire-FirstCall/ -- Huaneng Power International, Inc. (the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced the completion of the transfer of 100% equity interest in SinoSing Power Pte. Ltd. ("SinoSing Power") from China Huaneng Group ("Huaneng Group") to the Company.
On 29 April 2008, the Company entered into an agreement with Huaneng Group relating to the transfer of 100% interest in SinoSing Power (the "Transfer Agreement"), pursuant to which the Company would acquire 100% interest in SinoSing Power from Huaneng Group (the "Acquisition"). The Acquisition constitutes a connected transaction of the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Ltd.
The Acquisition has already been approved by Huaneng Group in accordance with its internal procedures, as well as by the board of directors and the general meeting of the Company and the relevant governmental authorities. All conditions precedent in the Transfer Agreement have been satisfied. The Company has made a one-off payment of the consideration in full while the ownership of the 100% interest in SinoSing Power has been duly transferred to the Company without encumbrances by Huaneng Group.
Upon completion of the Acquisition, the installed generation capacity of the Company has increased by 2,670 MW on an equity basis.
SinoSing Power is a wholly owned subsidiary of Huaneng Group that was incorporated in Singapore to acquire 100% equity interest in Tuas Power Ltd. ("Tuas Power") from Temasek Holdings (Private) Limited ("Temasek"). Huaneng Group's equity investment in SinoSing Power is US$985 million. On March 14, 2008, SinoSing Power and Temasek entered into a shares transfer agreement pursuant to which SinoSing Power would purchase 100% equity interest in Tuas Power. Such transfer was consummated on March 24, 2008.
Tuas Power, a company incorporated in Singapore, is engaged in the business of electricity generation, trading and retail. It has a total generation capacity of 2,670MW, representing over 25% of the market share in Singapore. Its power generating facilities include two 600MW oil-fired steam generating units and four 367.5MW combined cycle generating units.
Huaneng Group directly holds approximately 8.75% of the total issued share capital of the Company. In addition, Huaneng Group is the controlling shareholder of Huaneng International Power Development Company ("HIPDC"), and HIPDC holds approximately 42.03% of the total issued share capital of the Company.
Huaneng Power International, Inc. has a total generation capacity of 36,393MW on an equity basis and a controlling installed generation capacity of 39,789MW. The Company wholly owns sixteen operating power plants, an operating power company, and has controlling interests in thirteen operating power companies and minority interests in five operating power companies. Currently, it is one of the largest listed power producers in China.
For enquiries, please contact:
Ms. Meng Jing or Ms. Zhao Lin
Huaneng Power International, Inc.
Tel: +86-10-6649-1856 or +86-10-6649-1866
Fax: +86-10-6649-1860
Email: zqb@hpi.com.cn
Ms. Christy Lai or Ms. Carrie Lam
Rikes Communications Limited
Tel: +852-2520-2201
Fax: +852-2520-2241
SOURCE Huaneng Power International, Inc.
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