SEP Establishes Investment Company in FTZ and Makes Overall Plan for Overseas Projects

 

Source:  Securities Times---Securities Times Net

Date: November 29, 2013

The announcement issued by SEP (600021) on 29 November said that the company plans to establish a wholly-owned subsidiary--- SEP Investment Company in FTZ to make an overall plan for its overseas project. In addition, SEP contemplates to purchase 50.01% equity stake of Turkey’s EMBA to carry out preparatory work for coal power project in Turkey.

SEP Investment Company is incorporated with proposed registered capital of RMB 50 million Yuan. Its businesses include overseas investment, power engineering, power plant operations and maintenance, fuel procurement and grid services. According to SEP, establishing Investment Company in FTZ and making overall plans for overseas project are important parts of the overseas strategy. The use of foreign exchange in FTZ and other overseas investment-related policies surely greatly enhance the operational efficiency of the SEP's overseas investment projects, thus driving the growth of market share gained by SEP through both domestic and foreign resources.

The recent years witnessed SEP take the spotlight in developing overseas projects. Up to now, SEP has spread its footprints across Japan, Turkey, Australia, Iraq and other countries, with the business involving resource development, foreign investment and electricity services and the industries covering thermal power, gas power, new energy, hydropower and coal.

Now SEP makes great efforts to explore Turkish energy market and plans to purchase equity share in Turkey’s EMBA, paving the road for the coal power project in Turkey. SEP plans to collaborate with AVIC INTL to purchase 53% equity stake of EMBA from five individual shareholders. Upon the closing of this acquisition, EMBA will have seven shareholders: SEP 50.01%; AVIC INTL 2.99%; and the rest five shareholders: 47%.

After consultation, by the book value of EMBA’s net asset, the trading price of the 50.01% equity stake purchased by SEP was RMB 997,500 Yuan, equivalent to US 163,500 dollars.

SEP said it planned to work with EMBA to develop Hunutlu and Kirklareli coal power projects, which would use imported coals approved by Turkish Energy Supervision Commission, with generating capacity of 1200 MW. (Reporter of Securities Times: Huang Ting).

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