Huaneng Power International Inc<600011><0902><HNP>, China's largest publicly-traded power company, yesterday announced that it has raised RMB 10.38 billion from the A-share and H-share rights issue and the fundraising size became the largest one so far among the listed domestic power producers, sources reported.
In a statement filed with the Shanghai Stock Exchange, the power producer, which kicked off the private rights issue plan since December, 2009, said that as of Dec. 20 it raised RMB 8.36 billion from the A-share rights issue and RMB 2.03 billion from the H-share rights issue.
Reportedly, proceeds from the A-share rights issue will be used to build new power plants, upgrade existing power generation facilities and pay back bank loans, while those from the H-share issue will be budgeted to inject capital into its wholly-owned overseas subsidiary SinoSing Power Pte Ltd.
Huaneng Power expected the capital injection will set solid foundation for further expanding the overseas businesses.
