- The Lobby
- Extra Times
Li Ka-shing said to test demand for electricity IPO
Power Assets Holdings Ltd., controlled by Asia’s richest man Li Ka-shing, plans to start gauging demand this week for the initial public offering of its Hong Kong electricity unit, said two people with knowledge of the matter.
Power Assets may raise more than USD5 billion selling as much as a 70 percent stake in Hongkong Electric Co., said the people, who asked not to be identified because the information is private.
Hongkong Electric is expected to start trading on Jan. 29, Power Assets said in a Dec. 15 statement. The electricity unit will have a market value of HK$48 billion ($6.2 billion) to HK$63.4 billion after the spinoff, according to the statement.
The proposed spinoff of the city’s second-largest electricity supplier comes as Li sells assets in the former British colony, where growth is slowing. Power Assets will use proceeds from the spinoff to fund global acquisitions, it said.
Shares of Power Assets fell 1.3 percent in Hong Kong trading to HK$61.00 as of 1:18 p.m. Friday.
Mimi Yeung, a spokeswoman for Power Assets, wasn’t immediately available for comment. The company didn’t respond to an e-mail seeking comment. The Wall Street Journal reported the timetable earlier yesterday, citing a person familiar with the situation.
Goldman Sachs Group Inc. and HSBC Holdings Plc are joint sponsors for the listing, Power Assets said in the statement. Hongkong Electric, which started operations in 1890, provides power to about 568,000 customers.
Li, 85, has a net worth of $30.1 billion, according to the Bloomberg Billionaires Index. Bloomberg
Responsible Right of Expression — In the interest of freedom of expression, coupled with a true sense of responsibility to encourage community dialogue, the Macau Daily Times offers its readers the opportunity to express their opinions on new-related matters through this website. All opinions are welcome. However, we reserve the right to remove comments that are deemed to be obscene, or are merely insults written under the cloak of anonymity. MDT
- China Music Awards: Cotai Arena stage packed with Chinese and international stars
- AL Plenary Lawmakers grill Florinda Chan over public servant contract bill
- Int’l market expansion group sees opportunity in town
- Luk Fook same-store sales in Macau and HK drop 12 pct
- RED STUDIO: Giving busy Macau a taste of performing and creative arts
- Survey finds majority of students lack reading habits
- MCTV entitled to compensation if concession not renewed
- AL vows for differentiated pensions for ex-top officials
- BRIEFS: 13th Plan to have chapter dedicated to SARs
- ATM network temporary shutdown affects locals both here and abroad
- Residents less than satisfied with environment
- Boxing ‘Featherweight Fury’ hits Macau with three world title fights
- MSAR asks Beijing for territorial waters and land from Hengqin
- AS REPORTED BY MDT: Neptune owner’s wife detained following tightened grip on junkets
- IFT and Dusit Thani College partner to organize exchange program