Wind power unit IPO lures CIC and Temasek
Source: Bloomberg News |
May 27, 2011, Friday
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Print Edition
Print Edition
CHINA Investment Corp and Temasek Holdings Pte are among key investors who plan to buy a combined US$415 million of shares in Huaneng Renewables Corp's initial public offering, two people with knowledge of the matter said.
The Chinese sovereign wealth fund has agreed to subscribe for US$60 million of shares, while Temasek, Singapore's state investment company, plans to invest US$50 million, said the people, who declined to be named as the process is private. The funds are among 13 so-called cornerstone investors, they said.
The wind power unit of China Huaneng Group Corp, the country's biggest electricity producer, is seeking to raise as much as HK$7.4 billion (US$950 million), offering about 2.5 billion shares at HK$2.28 to HK$2.98 each, the people said. The firm aims to trade on June 10, they said.
Cornerstone investors, who get guaranteed access to IPOs in return for agreeing to hold the shares for typically six months, account for at least 44 percent of Huaneng Renewables' sale as the Beijing-based company tries to garner support for its second attempt since December to list in Hong Kong.
Hu Xiaoyu, a director at China Huaneng Group's news office in Beijing, declined to comment, as did Temasek spokesman Jeffrey Fang. Phone calls to CIC's in Beijing went unanswered.
The Chinese sovereign wealth fund has agreed to subscribe for US$60 million of shares, while Temasek, Singapore's state investment company, plans to invest US$50 million, said the people, who declined to be named as the process is private. The funds are among 13 so-called cornerstone investors, they said.
The wind power unit of China Huaneng Group Corp, the country's biggest electricity producer, is seeking to raise as much as HK$7.4 billion (US$950 million), offering about 2.5 billion shares at HK$2.28 to HK$2.98 each, the people said. The firm aims to trade on June 10, they said.
Cornerstone investors, who get guaranteed access to IPOs in return for agreeing to hold the shares for typically six months, account for at least 44 percent of Huaneng Renewables' sale as the Beijing-based company tries to garner support for its second attempt since December to list in Hong Kong.
Hu Xiaoyu, a director at China Huaneng Group's news office in Beijing, declined to comment, as did Temasek spokesman Jeffrey Fang. Phone calls to CIC's in Beijing went unanswered.
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