HONG KONG: Qatar Investment Authority has bought an aggregate stake of 19.9 percent in HK Electric Investments Ltd from billionaire Li Ka-shing’s firms for HK$9.25bn ($1.19bn), as the global investor seeks investment opportunities in Asia.
Power Assets Holdings Ltd said it sold a stake worth HK$7.68bn ($990.79m) in HK Electric to Qatar Investment Authority, as the Hong Kong power utility eyes new acquisitions in the global energy industry.
Power Assets said its holding in HK Electric fell to 33.37 percent after it sold a 16.53 percent stake, remaining as the controlling shareholder of the power supplier.
Together with a stake of 3.37 percent bought from Cheung Kong Infrastructure Holdings Ltd, Qatar’s sovereign wealth fund holds a stake of 19.9 percent in HK Electric, Power Assets said in a separate statement.
Power Assets said the latest sale was consistent with its intent of maintaining its stake in HK Electric at between 30 percent and 49.9 percent. “We expect this new partnership to be of potential significant benefit to our group,” said chairman Canning Fok, adding the net proceeds from the deal would further strengthen Power Assets’ liquidity position.
Reuters
