May 10, 2013 / 12:05 AM / 4 years ago

CR Power says to buy $553 mln wind farms, merge with CR Gas

HONG KONG, May 10 (Reuters) - China Resources Power Holdings Co Ltd said on Friday it would buy wind farms in 10 provinces in China from its controlling shareholder, China Resources (Holdings) Co Ltd, for HK$4.29 billion ($552.9 million).

In a separate statement, China Resources Power said it would merge with China Resources Gas Group Ltd and would issue 97 new China Resources Power shares for every 100 China Resources Gas shares held.

On completion of the merger, China Resources Gas shares will be withdrawn from the Hong Kong Stock Exchange and China Resources Power will change its name to China Resources Energy Holdings Ltd.

For a statement on the acquisition please click here

For statement on the merger please click here

$1 = 7.7590 Hong Kong dollars Reporting by Donny Kwok; Editing by Paul Tait

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