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China National Nuclear wins approval to sell shares
By Richard Fu |
June 6, 2012, Wednesday
|
Online Edition
Online Edition
CHINA National Nuclear Power Co has won approval from the environment ministry to sell shares to fund projects worth a combined 173.5 billion yuan (US$27.25 billion).
The clearance put the company a step closer to an IPO on the Shanghai Stock Exchange at a time China has suspended approvals of new nuclear plants in the wake of Japan's nuclear crisis in March 2011 that was triggered by a devastating earthquake and tsunami.
The Ministry of Environmental Protection said yesterday it had approved China National Nuclear's IPO plan and it's now seeking public opinion on its environmental review report.
China National Nuclear didn't give a timetable or fundraising target for its IPO. But it said the IPO proceeds will be used to fund five projects worth 173.5 billion yuan in total in the provinces of Fujian, Zhejiang, Jiangsu and Hainan.
The government hasn't decided on when to resume approving new nuclear projects, but the State Council last week approved a nuclear safety plan, saying the country's nuclear plants meet national and international standards. The safety plan may indicate the end of the approval ban may be soon.
China National Nuclear also has to submit applications to the China Securities Regulatory Commission for its initial share sale.
The clearance put the company a step closer to an IPO on the Shanghai Stock Exchange at a time China has suspended approvals of new nuclear plants in the wake of Japan's nuclear crisis in March 2011 that was triggered by a devastating earthquake and tsunami.
The Ministry of Environmental Protection said yesterday it had approved China National Nuclear's IPO plan and it's now seeking public opinion on its environmental review report.
China National Nuclear didn't give a timetable or fundraising target for its IPO. But it said the IPO proceeds will be used to fund five projects worth 173.5 billion yuan in total in the provinces of Fujian, Zhejiang, Jiangsu and Hainan.
The government hasn't decided on when to resume approving new nuclear projects, but the State Council last week approved a nuclear safety plan, saying the country's nuclear plants meet national and international standards. The safety plan may indicate the end of the approval ban may be soon.
China National Nuclear also has to submit applications to the China Securities Regulatory Commission for its initial share sale.
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