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Guangdong Electric Power to buy RMB 7.5 bln assets from parent co

Nov. 24, 2011 (China Knowledge) - Guangdong Electric Power Development Co<000539><200539> announced yesterday it will acquire part of the assets worth RMB 7.5 billion from its parent company Guangdong Yudean Group Co Ltd.

The Shenzhen-listed buyer plans to issue 1.56 billion shares to its parent company at the price of RMB 4.79 apiece to acquire partial assets in seven power suppliers, which have RMB 4.76 billion in total book value, a premium of 56.9% to the consideration.

Upon the completion the acquisition, the buyer will acquire between 15% and 60% stakes in the seven power suppliers all owned by its parent and based in Guangdong Province.  

Guangdong Yudean Group, which currently holds a 52.51% stake in the buyer, will increase the shareholdings to 69.5% after the deal.

Guangdong Electric Power Development expects to generate RMB 32.18 billion in consolidated revenue in 2012, and its net profit for the year is estimated to reach RMB 882 million.

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