Shanghai Electric Power prepares to invest 0.8 billion yen to establish a wholly-owned subsidiary in Japan

Source: stockstar website   Writer:       Date: Sep. 18th, 2013

On Sep. 18th, 2013, it was announced that the Company held the fifth temporary board meeting on Sep. 16th, 2013, and in the meeting, the proposals of establishing a wholly-owned subsidiary in Japan and providing guarantee for the financing of Shanghai Electric Power (Japan) Co., Ltd. were passed. The Company prepares to invest 0.8 billion yen (about 0.05 billion RMB) to set up Shanghai Electric Power (Japan) Co., Ltd., which is mainly in charge of the development and operation management of new energy projects for the Company. At the same time, the Company provides the joint liability guarantee of no more than RMB 0.4 billion Yuan in total for its financing in the overseas branch of Bank of China.

As one of the largest power generation enterprises in Shanghai, Shanghai Electric Power undertakes the responsibility of making Chinese power generation industry develop abroad, and at the same time, it’s also equipped with the regional advantages. It invested a lot to establish the subsidiary to open up the market in Japan; the prospect of this project is difficult to be predicted, but it has reflected the Company’s up-and-coming spirit, which is beneficial to open the space for growth and can be regarded as a good attempt for promoting the company development.

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