China Power International Holding Ltd (CPI), the investment arm of one of the five flagship power generators in China's mainland, got involved in the power supply in Macau Tuesday by taking over 6 percent of shares of the Macau Electricity Company (CEM).

Zhu Xiaolin, vice president of CPI, signed the share acquisition contract with CEM's current shareholders -- SUEZ, a Sino-French joint venture, and the Portuguese Electric Utility ( EDP), each of which holds 45 percent of CEM shares.

With an asset worth 3 billion patacas (US$375 million), CEM has had its power interconnection hooked up with the south China power grid. As the only power generation company in Macau, CEM has made a reliable power supply for 16 years.

Yves-Thibault de Silguy, vice president of SUEZ, said CPI' s share acquisition is significant to show its motivation and capacity to contribute to CEM's business, and it can also provide new business opportunities for CEM.

CPI, a company registered in Hong Kong, is fully owned by the China Power Investment Corporation (CPIC). Under the recently completed China power industry reform plan, the country's power industry assets previously held by the State Power Corporation will be owned and managed by five power generation consortiums, and CPIC is one of them. The acquisition deal has been considered a part of its strategic development plan to strengthen its portfolio in the southern China region.

Close

Today's Top News		Top Business News
+WHO: Bird flu death rises to 15; vaccination recommended (2004-02-05) +Solana: EU ready to lift China arms embargo (2004-02-05) +Nation tops TV, cell phone, monitor production (2004-02-05) +Absence ... still makes China hot (2004-02-05) +Hu: Developing world in key role (2004-02-04)		+KFC: We operate normally in China despite bird flu outbreaks (2004-02-05) +Starbucks takes aim at China chain (2004-02-05) +Former Microsoft China chief gets new job (2004-02-05) +Private airline prepared for take off (2004-02-05) +Investors lured by call of siren (2004-02-05)