Datang Power plans to acquire 50% equity in Anhui Electric Power
Datang Power's wholly-owned subsidiary Datang Anhui Power Co., Ltd. has signed a contract with Huainan Mining to purchase 50% equity of Anhui Electric Power Co., Ltd. for 1 RMB. Upon completion of the transaction, Anhui Electric Power will become a wholly-owned subsidiary of Datang Power. Anhui Electric Power was established in 1999 and primarily engages in the production of electricity and heat. It currently has total assets of approximately 787 million RMB and total liabilities of approximately 2.473 billion RMB, with a debt-to-asset ratio of about 314%
According to the Zhitong Finance APP, Datang Power (00991) announced that its wholly-owned subsidiary Datang Anhui Power Co., Ltd. ("Anhui Company") has signed the "Property Transaction Contract for the Transfer of 26,764,000 Shares of Anhui Electric Power Co., Ltd." with Huainan Mining (Group) Co., Ltd. ("Huainan Mining"), purchasing 50% equity held by Huainan Mining in Anhui Electric Power Co., Ltd. ("Anhui Electric Power") for an amount of 1 yuan (RMB, the same below). Upon completion of the transaction, Anhui Company will hold 100% equity of Anhui Electric Power, which will indirectly become a wholly-owned subsidiary of the company and be included in the company's consolidated financial statements.
Anhui Electric Power was established in February 1999 and is mainly engaged in the production and supply of electricity and heat. It currently has two 320MW thermal power generating units, which were put into operation in June 1997 and November 2005, respectively. As of April 30, 2025, Anhui Electric Power has total assets of approximately 787 million yuan, total liabilities of approximately 2.473 billion yuan, owner’s equity of approximately -1.686 billion yuan, and a debt-to-asset ratio of approximately 314%
