BEIJING, Aug. 23 (Xinhua) -- China Resources Power Holdings Co., Ltd. (00836.HK), an energy supply subsidiary of state-owned conglomerate China Resources Holdings Co., Ltd., has recently said that it would sell its stake in its main coal mine companies to a coal asset consolidation platform for 1 yuan.
According to a filing with Hong Kong stock exchange, the company on Aug. 17 entered agreements with Guoyuan Shidai Coal Asset Management Co., Ltd. to transfer the equity of China Resources Coal (Group) Co., Ltd. and three of the coal companies under China Resources Coal to Guoyuan.
These targets accounted for more than 90 percent of China Resources Power Holdings' coal production.
Industry insider said the reorganization of state-owned coal enterprises in China will become a trend, and more transactions will be expected this year.
Under the agreements, Guoyuan will repay China Resources Power 11 billion yuan of shareholder loans that were provided by China Resources Power to the three coal mine companies.
Established in 2016, Guoyuan is an asset management platform of coal mine assets of China's centrally-administrated state-owned enterprises (SOEs). (Edited by Li Wenxin; Ding Lei, dinglei@xinhua.org)
A single purchase
