Datang Power to raise CNY3.3bn from China IPO

12 December 2006 03:34  [Source: ICIS news]

SINGAPORE (ICIS news)--Datang International Power Generation is to raise yuan (CNY) 3.34bn ($428.2m) from its Shanghai initial public offering (IPO), the Chinese power major said on Tuesday.

The company would issue 500m shares at CNY6.68 each, it said, adding that the funds would be used for its six power projects in China.

Close to 40% of the shares would be sold to parent company, China Datang Corp, and Tianjin Jinneng Investment, it added.

Costing a total CNY32.2bn, the projects in northern, western and southern China with local partners would supply electricity to the rapidly growing eastern and southern markets.

The company also plans to build a methanol-to-propylene (MTP) plant at Chifeng, Inner Mongolia province using Lurgi’s technology.

The coal-based project, which would also produce around 500,000 tonnes/year of polypropylene (PP) using Dow Chemical’s technology, is due to go on stream in late 2008.

Datang Power is listed in London and Hong Kong.

($1=CNY7.8)


By: Florence Tan
+65 6780 4359



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