China Shenhua Energy (1088.HK) (601088.SS) announced on Wednesday that the Board of Directors has authorized the company to increase capital of 1.651 billion yuan in cash to the Sichuan Bashu Electric Power Development Co., Ltd., and a capital increase of 1.62 billion yuan to the subsidiary Shenwan Energy Limited in accordance with the stock ownership percentage.
The company announced that the Sichuan Bashu Electric Power was formerly a wholly owned subsidiary of the Sichuan Provincial Investment Group. After the increase of their investment, Shenhua will become the majority shareholder holding a 51% stake in Sichuan Bashu power.
The company announced that the Sichuan Bashu Electric Power was formerly a wholly owned subsidiary of the Sichuan Provincial Investment Group. After the increase of their investment, Shenhua will become the majority shareholder holding a 51% stake in Sichuan Bashu power.
In addition, Shenhua will increase capital of 1.62 billion yuan in cash to the subsidiary Shenwan Energy Limited in accordance with the stock ownership percentage, of which about 880 million yuan will be spent for Shenwan Energy to pay the purchase price, the balance will be spent on the follow-up operating capital increase.
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