Power Assets (0006) said its controlling shareholder, CK Infrastructure (1038), has entered into a placing agreement to sell an aggregate of 43.8 million shares in the company at a price of HK$52.93 per share.
The sale shares represent about 2.05 percent of Power Asset's issued share capital, the firm said yesterday.
Following completion of the placement, CKI will hold approximately 35.96 percent of the company's issued share capital. Completion of the deal is expected to occur on Monday.
Shares of CKI closed at HK$60.90 yesterday, up 0.66 percent, while Power Asset's shares fell 2.07 percent to HK$54.40.
Power Assets owns the Hongkong Electric Company, and has an engineering consultant firm serving the electricity supply industry. Outside Hong Kong, its power networks span the globe, including Britain, the mainland and Australia.