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3 years ago
Hong Kong's NWS says to sell $612 million Macau power stake to Beijing
May 16, 2014 / 1:21 AM / 3 years ago

Hong Kong's NWS says to sell $612 million Macau power stake to Beijing

2 Min Read

HONG KONG (Reuters) - Hong Kong's NWS Holdings Ltd (0659.HK) plans to sell its interest in a Macau power supplier to a China state-owned company in a deal worth $612 million, as the transport-to-energy operator focuses on water and related businesses.

NWS said its equally owned joint venture with Suez Environnement Company (SEVI.PA) had agreed to sell its 90 percent stake in Sino-French Energy Development Co Ltd to Nam Kwong Development, a company under China's State-owned Assets Supervision and Administration Commission.

Macau gambling kingpin Stanley Ho holds the remaining 10 percent of Sino-French Energy, which in turn owns 42.2 percent of Macau electricity supplier Companhia de Electricidade de Macau-CEM, S.A.

As part of the deal, the NWS joint venture will have an option to buy back 9 percent of the stake in Sino-French Energy, NWS said in a filing to the Hong Kong bourse late on Thursday.

NWS, a unit of New World Development Co Ltd (0017.HK), said it expected to book a gain of HK$1.5 billion ($193.50 million)from the disposal.

Reporting by Donny Kwok; Editing by Stephen Coates

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