Datang International Power Generation Co., Ltd. cancelled the acquisition of remaining 46.36% stake in Fujian Datang International Renewable Power Company Limited from Everbright Prestige Capital Asset Management Co., Ltd.
August 29, 2020
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Datang International Power Generation Co., Ltd. (SEHK:991) entered into an agreement to acquire remaining 46.36% stake in Fujian Datang International Renewable Power Company Limited from Everbright Prestige Capital Asset Management Co., Ltd. for approximately CNY 500 million on August 30, 2019. The consideration is payable in lump sum and via bank transfer by Datang International Power Generation Co., Ltd.to the designated bank account of Everbright Prestige Capital Asset Management Co., Ltd. on August 30, 2019. Datang International Power Generation Co., Ltd. currently owns 53.64% stake in Fujian Datang International Renewable Power Company Limited. In related transactions, Datang International Power Generation Co., Ltd. entered into agreements to acquire remaining 48.06% stake in Hebei Datang International Renewable Power Company Limited, remaining 49% stake in Inner Mongolia Datang International Renewable Power Company Limited, remaining 46.15% stake in Liaoning Datang International Renewable Power Company Limited, and remaining 39.09% stake in Yunnan Datang International Electric Power Company Limited from Everbright Prestige Capital Asset Management Co., Ltd. for approximately CNY 990 million, CNY 700 million, CNY 990 million and CNY 2.1 billion respectively on August 30, 2019. On completion, Fujian Datang International Renewable Power Company Limited will become a wholly owned subsidiary of Datang International Power Generation Co., Ltd.
For the year ended December 31, 2018, Fujian Datang International Renewable Power Company Limited reported profit after taxation of CNY 17 million and operating revenue of CNY 162 million. As of December 31, 2018, Liaoning Datang International Renewable Power Company Limited reported net asset value of CN 945 million and total assets of CNY 1.4 billion. The third meeting of the tenth session of the Board of Datang International Power Generation Co., Ltd. considered and approved the acquisitions. The date of completion is the same as the date on which the full amount of consideration under that agreement has been paid in full.
Datang International Power Generation Co., Ltd. (SEHK:991) cancelled the acquisition of remaining 46.36% stake in Fujian Datang International Renewable Power Company Limited from Everbright Prestige Capital Asset Management Co., Ltd. on August 30, 2020.
Datang International Power Generation Co., Ltd. is a power generation company. The principal activities of the Company are power generation and power plant development in the People's Republic of China (PRC). It is also engaged in activities, including the sale of electricity and thermal power, repair and testing of power equipment, power related technical services, coal trading, chemical products manufacturing and selling, coal chemistry, transportation and recycling. The Company's segments include Power generation, Coal, Chemical and Other. The power generation businesses of the Company and its subsidiaries are primarily distributed across Beijing, Tianjin, Hebei Province, the Inner Mongolia Autonomous Region, Shanxi Province, Liaoning Province, Gansu Province, Sichuan Province and the Tibet Autonomous Region, among others. The power generation business includes coal-fired power projects, hydropower projects, photovoltaic projects and wind power projects.
Datang International Power Generation Co., Ltd. cancelled the acquisition of remaining 46.36% stake in Fujian Datang International Renewable Power Company Limited from Everbright Prestige Capital Asset Management Co., Ltd.
DATANG INTERNATIONAL POWER GENERATION CO., LTD. 
