OREANDA-NEWS. January 29, 2014. State Grid International Development Co., Ltd signed a cornerstone investment agreement with HK Electric Investments Managers Limited and HK Electric Investments Limited to subscribe 18% of the Share Stapled Units that were jointly issued by HK Electric Investments and HK Electric Investments Limited. Power Assets Holdings (PAH) released an announcement on January 12, 2014 about the cornerstone investment agreement.

After the formal approval of the Stock Exchange of Hong Kong (SEHK), the Share Stapled Units will be listed on the Main Board of SEHK.

HK Electric Company Limited (HEC) was established in 1889, currently wholly-owned by Hong Kong Power Assets Holdings Limited. It is a vertically integrated electric public utilities company, providing power generation, transmission, distribution and sale to Hong Kong Island and Lamma Island. After the Share Stapled Units are separately listed on SEHK, HEC, which are in charge of the power business, will become a wholly-owned subsidiary of HK Electric Investments Limited.

The project is SGCC’s another major foreign investment after the Philippines project, Brazil project, Portugal project, South Australia project and the purchasing project of Australia assets equity owned by Singapore Power. The project has increased the proportion of SGCC’s assets in developed areas, further optimizing the layout of foreign assets and improving the company’s risk-taking ability.