Energy

Huaneng Power cuts prices for share sale

(Agencies)
Updated: 2010-07-27 10:47

China listed power firm Huaneng Power International lowered prices for its planned private placement of shares in Shanghai and Hong Kong but left its fundraising target basically unchanged.

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Huaneng said it now plans to sell up to 1.5 billion yuan ($221.43 million)-denominated A shares to select institutional investors at no less than 5.57 yuan each, and would sell as many as 500 million Hong Kong-listed H shares at HK$4.73 (61 cents) apiece.

The company said in January that it would issue 1.2 billion A-shares at not less than 7.13 yuan each and 400 million H-shares at about HK$4.97, seeking to raise up to $1.5 billion to help finance its clean energy projects, lift capacity and repay debt.