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Shenzhen Energy Group Co Ltd to Acquire Equity Shares of Shareholder from Shenzhen SASAC and Huaneng Power International, Inc.


Friday, 11 Jan 2013 07:00pm EST 

Shenzhen Energy Group Co Ltd (Shenzhen Energy) announced that it will issue 1,263,483,317 A shares of common stock at RMB 6.17 per share to Shenzhen Municipal People's Government State-owned Assets Supervision and Administration Commission (Shenzhen SASAC) and pay RMB 12,642,494.03, and also issue 421,161,106 A shares to Huaneng Power International, Inc. (Huaneng) and pay RMB 4,214,164.67, to exchange for a 75% (from Shenzhen SASAC) and a 25% stake (from Huaneng) in a Shenzhen-based energy management company (Company A), which holds a 63.74% stake in Shenzhen Energy. After that, Shenzhen Energy will merge with Company A, with Shenzhen Energy to survive and Company A to be dissolved, for the direct management from Shenzhen SASAC and Huaneng, which will respectively hold a 47.82% and a 25.02% stake in Shenzhen Energy. 

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