Golden Horse Completes Restructuring With Luneng Group

Date:2011-08-31     Source:xuxinxuxin  Text Size:

August 30 -- Guangdong Golden Horse Tourism Group  filed it had completed an asset restructuring with Shandong Luneng Group, reports It issued 353.82 million new shares to purchase assets from Luneng Group. Luneng has fully subscribed the shares and will lock them up until August 31 2014.

Assets purchased from Luneng include a 70-percent stake in Hequ Electric Coal, a 60-percent stake in Hequ Power Generation, and a 75-percent stake in Wangqu Power Generation, together worth 5.03 billion yuan in total.

It filed in May that the to-be-injected assets will make extra net profit of 253 million yuan due to higher on-grid electricity prices this year.

Golden Horse specializes in communication and information networks, computer software and hardware, and automation system development.

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