Yangtze Power

China Three Gorges Project Corporation in talks to buy out rival

(October 2, 2008) China’s Xinhua financial network reported on August 6th that China Three Gorges Project Corporation, the country’s largest hydropower operator, is in talks to buy out rival China Water Investment Corporation, according to a report in the Shanghai Securities News (SSN), which cited an unnamed Three Gorges official.

Three Gorges may also inject China Water Investment into its listed unit China Yangtze Power Company, SSN reported. Yangtze Power earlier said its state-owned parent China Three Gorges was planning to seek a listing as a group. Shares of Yangtze Power have been suspended from trading since May 8, pending the announcement of a restructuring, SSN said. Yangtze Power would purchase 18 power generators from Three Gorges.

Three Gorges posted a net profit of 12.9 billion yuan in 2007 and had total assets of more than 160 billion yuan. China Water Investment has over 10 billion yuan in total assets and booked 3 billion yuan in sales last year, Xinhua reported.

( 1 US$ = 6.8 yuan )

October 2, 2008

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