Nam Kwong Development (H.K.), a 100 percent-owned subsidiary of Chinese state company Nam Kwong Company Limited, has acquired 90 percent of the stake owned by the Sino–French Energy Development Co. in Macau-based power company Companhia de Electricidade de Macau (CEM), French group Suez Environment said.
Sino-French Holdings (Hong Kong) Ltd, an equal partnership between Suez Environment and NWS Holdings Ltd, owned, also in equal parts, the Sino–French Energy Development Co., which owned 42 percent of CEM, and the 90 percent of its stake was sold for US$612 million.
The remaining 10 percent of the Sino–French Energy Development Co. belong to King Class Limited (KCL), of former casino magnate Stanley Ho.
NWS Holdings, which brings together the transport businesses of the New World Development group of Hong Kong millionaire Chen Yu-tung, said that this decision to sell would allow it to focus on water sector activities of the partnership with French company Suez Environment.
Before the sale CEM was 42 percent owned by the Sino–French Energy Development Co., Ltd and by the Sino-Portuguese consortium made up of EDP Ásia – Investimento e Consultadoria, Limitada (21 percent), Polytec Industrial Limited (11 percent) and Asiainvest (IP Holding) (10 percent).
China Power International Holding Ltd owns 6 percent of CEM, the Macau government has 8 percent and 800 local shareholders own the remaining 2 percent. (macauhub/MO)