Datang Power seeks public offering
Updated: 2004-05-08 10:50
Datang International Power Generation Company, a Chinese power producer listed in Hong Kong, says it will apply to regulators to issue yuan-denominated A shares to pay for several power plants.
The company, formerly known as Beijing Datang Power Generation, says it plans to raise up to 6 billion yuan (US$720 million) by issuing up to 1 billion new A shares. The new shares would expand the publicly held portion of the company to more than 35 percent, up 7 percent.
The issue requires the approval of the China Securities Regulatory Commission.
The Datang listing company is the overseas listing vehicle of China Datang Corporation, one of five major state-owned power-generating companies in China. It says the funds raised from the placement would help it complete 10 power plants.