Shanghai Electric Power Scales Back Private Placement


October 27 -- Power generation company Shanghai Electric Power (600021.SH) scaled back its private placement plan, reducing the number of shares it plans to issue from 1.83 billion to 1.8 billion, while maintaining the issue price at 5.21 yuan per share, reports, citing a company filing.

The company now targets to raise up to 9.36 billion yuan, down from the 9.5 billion yuan previously planned.

Of the total proceeds raised, 8.86 billion yuan will be used to obtain a 99.97 percent stake in Hexi Energy, with the remainder to be used to boost capital.

China Power Investment Corporation, the controlling shareholder with a 42.84 percent stake, will spend 2.5 billion yuan to subscribe to the issuance.

Shanghai Electric Power projects 2011 net profit of 444 million yuan, and 2012 net profit of 620 million yuan.

Shanghai Electric Power posted a 168 percent year-on-year increase in third quarter net profit to 10.98 million yuan, bringing total net profit in the first three quarters to 194 million yuan.


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