Muli Guzeng Hydropower Development Co., Ltd. announced that it expects to receive CNY 150 million in funding from Sichuan Xichang Electric Power Co.,Ltd., Muli State-owned Assets Management Co., Ltd.
June 22, 2020
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Muli Guzeng Hydropower Development Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 150 million on June 23, 2020. The transaction will include participation from returning investors Sichuan Xichang Electric Power Co.,Ltd. (SHSE:600505) for CNY 118.5 million and Muli State-owned Assets Management Co., Ltd. for CNY 31.50 million. Post the transaction Sichuan Xichang Electric Power Co.,Ltd. (SHSE:600505) stake holding in the company will increase from 64% to 70.04% and the registered capital of the company will increase from CNY 222.813 million to CNY 372.813 million. The transaction has been approved in the 28th meeting of the 8th directorate of Sichuan Xichang Electric Power Co.,Ltd. (SHSE:600505).
Sichuan Xichang Electric Power Co., Ltd. is a China-based company principally engaged in electric power generation and distribution businesses. The Company operates hydroelectric power stations and solar power stations. Through its subsidiaries, the Company is also engaged in power engineering design and installation businesses. The Company conducts its businesses primarily in Liangshan prefecture, Sichuan province, China.
Muli Guzeng Hydropower Development Co., Ltd. announced that it expects to receive CNY 150 million in funding from Sichuan Xichang Electric Power Co.,Ltd., Muli State-owned Assets Management Co., Ltd.