Utility Power Assets to spin off HK business in deal worth up to $5 billion

HONG KONG Fri Sep 27, 2013 5:47am EDT

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HONG KONG (Reuters) - Electricity supplier Power Assets Holdings Ltd (0006.HK) plans to spin off its Hong Kong electricity business in a deal that could be worth as much as $5 billion before the end of the year, Thomson Reuters publication IFR reported on Friday, citing a source familiar with the deal.

In a filing to the Hong Kong bourse, Power Assets said it would spin off the electricity business operated by its unit, the Hongkong Electric Co Ltd, through a listing of share stapled units. The listing application has already been submitted, it added, but gave no details on offering size or timing.

Goldman Sachs (Asia) L.L.C. and HSBC Corporate Finance (Hong Kong) Limited are the joint sponsors of the listing.

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(Reporting by Fiona Lau of IFR and Donny Kwok; Editing by Sunil Nair and Clarence Fernandez)

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