| Power Assets Holdings, an international utilities firm controlled by tycoon Li Ka-shing, has sold a 16.5 per cent stake in HK Electric Investments (HKEI) to Qatar’s sovereign wealth fund for HK$7.68 billion. Power Assets will remain HKEI’s largest shareholder with a 33.37 per cent stake after the sale.
Together with a 3.37 per cent stake separately acquired earlier from Cheung Kong Infrastructure Holdings, Qatar Investment Authority will hold a 19.9 per cent stake in HKEI.“As we said at the time of HKEI’s initial public offering exercise, our intent has always been to maintain our stake in HKEI at between 30 per cent and 49.9 per cent,” said Power Assets chairman Canning Fok Kin-ning in a statement. “Placement of this 16.53 per cent stake is both consistent with that intent and allows us the opportunity to work closely with an important new strategic partner.”..............................................Full Article: Source
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