BEIJING, Dec. 29, 2010 /PRNewswire-Asia/ -- Huaneng Power International, Inc. (the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) announced today that the Company completed the transaction of acquisition of the interests in Time Shipping and Hainan Nuclear.
On December 1, 2010, the Company entered into an "agreement relating to the transfer of a 50% interest in Shanghai Time Shipping Co., Ltd. between Huaneng Energy & Communications Holdings Co., Ltd. and Huaneng Power International, Inc." with Huaneng Energy & Communications Holdings Co., Ltd. ("HEC") and an "agreement relating to the transfer of a 30% interest in Hainan Nuclear Power Co., Ltd. between China Huaneng Group Corporation and Huaneng Power International, Inc." with China Huaneng Group Corporation ("Huaneng Group"), respectively (the above mentioned two agreements are collectively referred to as the "Transfer Agreements"). Pursuant to the Transfer Agreements, the Company had paid the acquisition consideration of RMB1.058 billion and RMB0.174 billion (in aggregate, RMB1.232 billion) to HEC and Huaneng Group, respectively.
The conditions precedent specified in the Transfer Agreements had been satisfied. The Company had paid the consideration relating to the acquisitions in full to HEC and Huaneng Group pursuant to the Transfer Agreements.
Upon completion of the transfer, the Company will own 50% of the registered capital in Shanghai Time Shipping Co., Ltd. and 30% of the registered capital in Hainan Nuclear Power Co., Ltd.
About the Company
The Company is one of China's largest listed power producers with controlled generation capacity of 50,033 MW and equity-based generation capacity of 46,512MW. The power plants of the Company are located in 17 provinces, municipalities and autonomous regions in China. The Company also has a wholly-owned power company in Singapore.
For enquiries, please contact:
Huaneng Power International, Inc.
Ms. MENG Jing / Ms. ZHAO Lin
+86-10-6608-6765 / +86-10-6322-6596
Wonderful Sky Financial Group Limited
Ms. Katy CHAN / Mr. Kate Chan / Ms. Olive ZHANG
+852-3970-2119 / +852-3970-2153 / +852-3970-2180
SOURCE Huaneng Power International, Inc.