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Kaidi Electric Power to raise RMB 1.8 bln for bioenergy projects

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Announced that it plans to issue up to 150 million shares for RMB 12.04 per share or RMB 1.8 billion at most to up to ten investors to develop seven bioenergy projects

Wuhan Kaidi Electric Power Co Ltd has announced that it plans to issue up to 150 million shares for RMB 12.04 per share or RMB 1.8 billion at most to up to ten investors to develop seven bioenergy projects that will cost RMB 2.08 billion in total,

Wuhan Kaidi Holding Investment Co Ltd, the parent of the Shenzhen-listed firm, will subscribe for between 30% and 33.49% of the to-be-issued shares by cash. It will hold 32.48% to 33.49% of the equity of Wuhan Kaidi Electric Power after the issuance, and will remain the largest shareholder.

In addition, the power firm, which is based in Wuhan, Hubei Province, will be given control of nine subsidiaries belonging to its parent in exchange for around RMB 38.02 million in total. It will also sell its 79.91 million shares of Wuhan East Lake High Technology Group Co to a state-owned investment firm based in Hubei.

Reportedly, China Power Investment Corp sold a 1.36% stake, or about 5 million shares, in Wuhan Kaidi Electric Power during the period from Oct. 14 to Nov. 16 and currently holds 4.82 million shares.

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