China Power (02380) announced that on October 18, 2024, the company and Guangxi company (a wholly-owned subsidiary of the company) have separately entered into Restructuring Framework Agreement I and Restructuring Framework Agreement II with spic yuanda environmental-protection to follow up on the asset restructuring proposal.
Upon completion of this asset restructuring proposal, it is expected that the Group will acquire controlling equity interest in spic yuanda environmental-protection, and the direct controlling shareholder of spic yuanda environmental-protection will be changed from State Power Investment Corporation to the company. It is expected that the ultimate controlling shareholder of spic yuanda environmental-protection will still be State Power Investment Corporation (through the company). In addition, it is expected that Wuling Power and Changzhou Hydropower will continue to be subsidiaries of the company (expected to be incorporated into the Group's accounts through the company's future equity holdings in spic yuanda environmental-protection and/or voting arrangements made with other spic yuanda environmental-protection shareholders and/or other arrangements facilitating the consolidation of Wuling Power and Changzhou Hydropower into the Group).
Before proceeding with the asset reorganization proposal, Wuling Power and Changzhou Hydropower will undergo a pre-reorganization proposal.
