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Huadian Power to raise $512m in share issuance

(Agencies)
Updated: 2009-04-14 13:49

China's Huadian Power, which builds and operates power plants, said on Wednesday it would raise up to 3.5 billion yuan ($512 million) by issuing a maximum 750 million new A shares.

Related readings:  Huadian to expand wind power production capacity  Some power firms sign coal purchasing contracts  Massive power plant set for Tangshan  Huadian posts H1 net loss of 508m yuan

Subscription to the issue will be limited to 10 investors, including its controlling shareholder China Huadian, one of the country's five major power generation groups.

Huadian Power set a minimum subscription price of 4.50 yuan, compared with Wednesday's closing price at 4.81 yuan. Apart from China Huadian there are no agreements with any other investors.

Huadian, which earlier announced a 2.56 billion yuan loss for the year ended December 2008 and no dividend, said it would use the proceeds from the share issue for coal-power generation, hydropower and other projects.