Asia > Eastern Asia > Hong Kong > Portuguese group EDP sells 50 pct of EDP Asia to ACE Asia

Hong Kong: Portuguese group EDP sells 50 pct of EDP Asia to ACE Asia

2015/01/01

Energias de Portugal has sold 50 % of its stake in EDP Asia – Investimento e Consultoria, Ltda. to ACE Asia, a subsidiary of CWEI Hong Kong Company Limited, a 100 %-owned subsidiary of China Three Gorges, the group said.

In a statement filed with the Portuguese Securities Market Commission (CMVM), the group as well said that the parties valued the 50 % stake in EDP Asia at 94 million euros.

The transaction, which was agreed as part of the strategic partnership with China Three Gorges, in December 2011 and came into force in May 2012, is considered to be part of CTG’s total 2 billion-euro investment in EDP.

EDP ​​Asia holds a 21.2 % stake in Macau electricity company CEM, which has been the exclusive power transmission, distribution and supply company in the Macau Appropriate Administrative Region since 1985

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