July 1, 2008
Huaneng Power Receives 100% Equity Interest in SinoSing Power
Huaneng Power International has announced the completion of the receipt of 100% equity interest in SinoSing Power from the China Huaneng Group.
Huaneng Power had earlier entered into an agreement with the Huaneng Group, pursuant to which it would acquire 100% interest in SinoSing.The acquisition has already been approved by the Huaneng Group in accordance with its internal procedures, as well as by the board of directors and the general meeting of the Huaneng Power and the relevant governmental authorities. All conditions precedent in the transfer agreement have been satisfied.
Huaneng Power has made a one-off payment of the consideration in full, while the ownership of 100% interest in SinoSing Power has been duly transferred to it without encumbrances by the Huaneng Group.
Upon completion of the acquisition, Huaneng Power's installed generation capacity has increased by 2,670MW on an equity basis. The Huaneng Group directly holds approximately 8.75% of the total issued share capital of Huaneng Power. In addition, the Huaneng Group is the controlling shareholder of the Huaneng International Power Development Company, which holds approximately 42.03% of the total issued share capital of Huaneng Power.
SinoSing is a wholly owned subsidiary of the Huaneng Group, and was incorporated in Singapore to acquire 100% equity interest in Tuas Power from Temasek Holdings.