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Sichuan Chuantou Energy to raise RMB 1.99 bln for hydropower

Mar. 8, 2012 (China Knowledge) - Sichuan Chuantou Energy Co Ltd<600674>, which is principally engaged in generating hydroelectric power and thermal electric power, has announced plans to raise around RMB 1.99 billion via a public offering to develop Ertan Hydropower Station.

According to the plans, the Shanghai-listed firm will issue 163 million A shares at a price of RMB 12.22 apiece. The issuer's largest shareholder Sichuan Provincial Investment Group Co Ltd has promised to subscribe not less than 5% of the to-be-issued new shares.

The hydropower station, 48% owned by the issuer and located in Southwest Sichuan, principally supplies electricity to Sichuan Province and Chongqing with an installed capacity of 3.3 gigawatts. In the first half of last year, the station's operating revenue from core businesses totaled RMB 1.07 billion, sources reported.

Sichuan Chuantou Energy also holds a 10% stake in another hydropower plant, launched by State Grid Corporation of China and situated in the west-central of Sichuan Province.

In 2011, the energy supplier earned RMB 357 million in net profit attributable to shareholders, up 4.87%, and the firm's operating revenue for last year increased by 5.04% to RMB 1.15 billion.

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