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China Shenhua Energy eyes coal assets of parent company

May. 25, 2012 (China Knowledge) - China Shenhua Energy Co Ltd<601088><1088>, the country's largest coal producer, intends to acquire assets or equity interests of China Shenhua Coal Liquefaction and Chemical Co Ltd and Shaanxi Shenyan Coal Co Ltd from its state-owned parent co Shenhua Group Corp.

In a statement filed with the Hong Kong Stock Exchange on Wednesday, China Shenhua Energy said it had started initial preparations to acquire the assets from the parent company.

The funds for the acquisition will derive from sales of A-shares in mainland China and from internal resources, said China Shenhua Energy without disclosing the value of the deal.

In the first quarter of 2012, Shanghai and Hong Kong-listed China Shenhua Energy saw net profit attributable to shareholders increase by 6.3% YoY to RMB 11.18 billion, and its earnings per share were 56.2 RMB cents, sources reported.

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