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Bloomberg reported that state-owned China Resources (Holdings) Company Ltd. plans to integrate China Resources Power Holdings Company Ltd. (HKEX:0836) and China Resources Gas Group Ltd. (HKEX:1193) by having China Resources Power acquire China Resources Gas. The move is part of a planned shift away from coal.
Bloomberg reported that state-owned China Resources (Holdings) Company Ltd. plans to integrate China Resources Power Holdings Company Ltd. (HKEX:0836) and China Resources Gas Group Ltd. (HKEX:1193) by having China Resources Power acquire China Resources Gas. The move is part of a planned shift away from coal.
As quoted in the market news:
The integration of the two units comes amid pressure in China to reduce pollution by shifting to cleaner fuels such as natural gas. Shares of China Resources Power, which largely uses coal for electricity generation, fell the most since November 2008 percent in morning trading in Hong Kong.
Song Lin, Chairman of the parent, said the merger could be completed between July and August, according to a report from Hong Kong’s Sing Tao Daily on May 9.