SHENHUA BOUGHT 70% OF GUOHUA JINJIE ENERGY
AsiaInfo Services, March, 2006
AsiaInfo Services 03-17-2006 Shenhua Bought 70% of Guohua Jinjie Energy BEIJING, Mar 17, 2006 (SinoCast via COMTEX) -- After issuing its first annual report since the Hong Kong listing, China Shenhua Energy Company Limited (CSEC) has started acquisitions. On March 13, CSEC declared to buy 70% of Shaanxi Guohua Jinjie Energy from its parent company Shenhua Group for CNY 1.16 billion.
According to JP Morgan Chase & Co, this action would make CSEC improve its profit by 5% to 10%. Shenhua Group, the parent company of CSEC, holds 70% of Jinjie Energy and the remaining 30% shares are held by Shandong Luneng Group. At present, Jinjie Energy is still being constructed. It is supposed that its production capacity could reach 10 million tons per year and the...
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