Merger may help create nuclear giant
Print Edition
SHANGHAI Electric Power Co said its parent company, China Power Investment Corp, is to merge with the State Nuclear Power Technology Corp.
Shares of Shanghai Electric Power yesterday surged 9.97 percent to finish at 12.90 yuan (US$2.07), while CPI Yuanda Environmental Protection, another subsidiary of China Power Investment, rose 4.29 percent to close at 24.55 yuan.
The announcement was contained in a filing to the Shanghai Stock Exchange late on Tuesday.
CPI Yuanda Environmental Protection also confirmed the merger plan yesterday on the website of Shanghai exchange.
Both subsidiaries said the merger has been approved by the State-owned Assets Supervision and Administration Commission.
The merger was seen as helpful to both companies. The State Nuclear Power Technology was not licensed to operate nuclear power business while China Power Investment Corp, one of three authorized nuclear power business operators, saw the merger as one way to strengthen its scientific research.
China Power Investment holds a 10 percent stake in the State Nuclear Power Technology.
The merger could also create a nuclear giant which will increase China’s nuclear exports. On January 28, the State Council urged nuclear equipment companies to “reach out” to overseas markets.
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