State Grid Corporation of China approved to become shareholder of Portuguese power grid group REN

13 April 2012

he Portuguese government Thursday approved a diploma that sets a limit of 25 percent for individual ownership, either directly or indirectly, of shares in REN – Redes Energéticas Nacionais, which had previously been limited to 10 percent according to a statement from the Portuguese Council of Ministers.

With this decision the government has carried out the necessary final step for the sale of 40 percent of REN to the State Grid Corporation of China (SGCC), which acquired 25 percent, and the Oman Oil Company, which acquired 15 percent, for 592 million euros.

“Taking into consideration the important strategic interest of power transmission and natural gas distribution, the government plans to continue to set a limit on individual ownership, wither directly or indirectly, of capital of operators of Rede Nacional de Transporte de Electricidade (RNT) and Rede Nacional de Transporte de Gás Natural (RNTGT), now setting it at 25 percent,” said the Council of Ministers statement.

So far, no individual or company could directly or indirectly own more than a 10 percent stake in REN or any company that controls it. (macauhub)