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Huadian Power to raise $512m in share issuance
(Agencies)
Updated: 2009-04-14 13:49

China's Huadian Power, which builds and operates power plants, said on Wednesday it would raise up to 3.5 billion yuan ($512 million) by issuing a maximum 750 million new A shares.

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Subscription to the issue will be limited to 10 investors, including its controlling shareholder China Huadian, one of the country's five major power generation groups.

Huadian Power set a minimum subscription price of 4.50 yuan, compared with Wednesday's closing price at 4.81 yuan. Apart from China Huadian there are no agreements with any other investors.

Huadian, which earlier announced a 2.56 billion yuan loss for the year ended December 2008 and no dividend, said it would use the proceeds from the share issue for coal-power generation, hydropower and other projects.


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