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2006-11-6 04:54:00 a.m. HKT, XFNA
Hong Kong-listed Daqing Petroleum to buy Betterday Power for 200 mln hkd
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HONG KONG (XFN-ASIA) - Daqing Petroleum and Chemical Group Ltd said it is
buying the entire issued share capital of Betterday Power Ltd (BPL) for 200
mln hkd from Expert Star Group Ltd.
BPL owns the entire equity interest in MBD Power which is principally
engaged in the generation and supply of power and steam in Mudanjiang,
Heilongjiang Province.
MBD Power has annual generation capacity of 1.6 mln tons of steam and 200
mln kilowatt hours of electricity.
Upon completion of the acquisition, MBD Power will become the group's
power division and a principal supplier to its production operations.
The company said the acquisition will allow the group to lower the cost
of production and in turn secure its competitive advantage in the region.
Daqing Petroleum finished the morning up 0.005 hkd or 1.27 pct at 0.40.
(1 usd = 7.8 hkd)
roby.lau@xfn.com xfnrl/xfnsp
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