China Datang expands holdings
HONG KONG, China (Reuters) -- Hong Kong-listed Beijing Datang Power Generation Co Ltd said on Friday that state-owned China Datang Corp will become its controlling shareholder.
The move is part of China's plans to restructure its power generation sector.
China Datang will assume a stake of 1.82 billion shares, or 35.43 percent, in Beijing Datang that is now held by North China Power Group Co, a state-owned unit managed by the State Grid Corp.
The change has yet to be registered with the State Administration for Industry and Commerce, Beijing Datang said in a statement.
Until that is done, a ruling will be sought to waive China Datang from making a general offer to buy all issued shares of Beijing Datang.
Beijing Datang shares ended at HK$2.475 on Thursday. They have fallen 4.8 percent over the last three months and 18 percent in the past year.
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