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Merger creates US$32b energy firm
Print Edition
BEIJING Energy Investment Holding Co and Jingmei Group have merged to create a 200 billion yuan (US$32 billion) company that is the largest state-owned energy enterprise under the Beijing city government.
The new company, Beijing Energy Group Co, is projected to generate 60 billion yuan in annual revenue, with 6 billion yuan profit expected.
Lin Fusheng, head of the Beijing Assets Supervision and Administration Commission, said the merger was strategic to both the central and local governments’ plan to deepen reform in the state-owned enterprises.
He added the new company will combine the strengths of the two partners by uniting the coal and electricity businesses to improve efficiency in the energy industry for Beijing and help build up a modern enterprise system.
Three units under the two companies were suspended from trading yesterday.
Beijing Jingneng Power Co, the power-generation unit of Beijing Energy, gained 2.2 percent to 6.46 yuan on Friday while Beih-Property Co rose 1.8 percent to 6.37 yuan. Beijing Haohua Energy Resource Co under Jingmei Group added 2.4 percent to close at 8.91 yuan.
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