China Huaneng Group To Directly Hold 33.09% Interest In Shandong Huaneng.JINAN, SHANDONG, PRC--(BUSINESS WIRE)--September 15, 1997--China Huaneng Group has obtained government approval to merge with its wholly-owned subsidiary, Huaneng Power Generation Corporation, in a move to directly hold a 33.09% interest in Shandong Huaneng Power Development Co. Ltd (NYSE NYSE See: New York Stock Exchange : SH). The State Administration for Industry and Commerce is currently finalizing the required legal procedure of the merger. Following the merger, China Huaneng Group will become the majority shareholder of Shandong Huaneng with a 33.09% stake in the company. The other two major shareholders are Shandong International Trust and Investment Corporation and Shandong Province Electric Power Company, each holding a 19.88% interest. The remaining 27.15% interest is owned by public shareholders. Mr. Liu Jinlong, Chief Executive Officer of China Huaneng Group, said: "The merger will streamline the operations and reinforce electricity generation as the core business of the Group. As a direct subsidiary of the powerful China Huaneng Group, Shandong Huaneng will benefit from the Group's expertise and resources, and will be fully supported in its future development." China Huaneng Group is principally engaged in the electricity industry with a wide range of businesses covering primary industries such as energy and raw materials, as well as high technology development, resources management, trade, finance and real estate. The Group is made up of 10 companies, and holds interests in over 200 companies in more than 20 provinces and autonomous regions all over the PRC. It also has branch offices in the PRC and overseas. China Huaneng Group is the largest independent power producer in the PRC. It holds a 60% stake in Huaneng Power International Development Company, which holds the NYSE listed Huaneng Power International Ltd. As of December 31, 1996, China Huaneng Group's installed capacity accounted for 1880.5MWh, representing 8.08% of the total installed capacity in the PRC. Total output reached 977MWh, accounting for 9.7% of the total output in the PRC. In 1996, the Group's consolidated total assets and consolidated net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. amounted to RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 112.76 billion and RMB 30.05 billion respectively. CONTACT: Shandong Huaneng Power Development Co. Ltd. Jinan office - Gao Bing, tel: 86-531-295-3743 Beijing office - Ren Zhi zhi (dzē), n 1. one of the five spirits, zhi is housed by the kidney and corresponds to will, determination, and drive; long-term memory; and information storage. 2. , tel: 86-10-6822-2002 or Gavin Anderson & Company Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. office - Aubrey Ho/Fabrice Baron baron Title of nobility, ranking in modern times immediately below a viscount or a count (in countries without viscounts). The wife of a baron is a baroness. Originally, in the early Middle Ages, the term designated a tenant of whatever rank who held a tenure of barony , tel: 852-2523-7189 New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office - Heather Harper Heather Harper (born May 8, 1930) is an Irish operatic soprano. She was born in Belfast, Northern Ireland, where she received her early musical training. She studied piano at the Trinity College of Music in London, with voice as a second subject, and sang with the BBC chorus. , tel: 212-373-0221 |
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