China's Chuantou plans $436 mln share placement

SHANGHAI, Dec 2 (Reuters) - Sichuan Chuantou Energy Co Ltd (600674.SS) said on Tuesday it planned to issue 3 billion yuan ($436 million) worth of new shares in a private placement to acquire 48 percent of a hydropower station from its parent.

Chuantou's state-owned parent would subscribe to the shares in the placement, which is aimed at boosting the power station developer and operator's profitability, it said.

Chuantou said it planned to issue about 269.54 million shares to its parent to buy the stake in the hydropower station, which produced 14.5 billion kilowatt hours in 2007, leading to an annual net profit of 563 million yuan.

The additional shares will be priced at 11.13 yuan apiece, or the average price over the past 20 trading days, it said in a statement published in the official Shanghai Securities News.

The company's A-shares closed at 9.22 yuan on Oct 30, before trading was suspended, pending a statement.

The deal is subject to shareholder and regulatory approval. ($1=6.884 Yuan) (Reporting by Alfred Cang; editing by Anne Marie Roantree)