China's Yankuang to buy two power firms from majority shareholder Shandong for $2.4 billion
China's Yankuang to buy two power firms from majority shareholder Shandong for $2.4 billion June 3 (Reuters) - China's Yankuang Energy 600188.SS said on Wednesday it will buy New Energy Group and Shandong Energy Electricity Sales for about 16.41 billion yuan ($2.42 billion) from its majority shareholder, Shandong Energy.
Here are the details:
Yankuang agreed to buy Shandong Energy's power development firm, New Energy Group, for 15.57 billion yuan.
The coal producer also agreed to buy the power generation firm, Shandong Energy Electricity Sales, for 845.25 million yuan.
Shandong Energy, a state-owned coal producer, controls Yankuang with a stake of about 52.84%.
Yankuang said it will pay for both firms in cash and it will also cover the unpaid 3.22 billion yuan capital commitment to New Energy Group.
($1 = 6.7718 Chinese yuan renminbi)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Vijay Kishore)
((Nichiket.Sunil@thomsonreuters.com;))
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