HK Electric changes name to Power Assets Holdings

Hong Kong Electric Holdings Ltd., a major power supplier in the city, said on Wednesday that the company would take on a new name, Power Assets Holdings Ltd., to reflect its positioning as a global investor.
"While maintaining our investment in Hong Kong, we will expand our investment portfolio in power and utility related businesses outside Hong Kong," said Tso Kai-sum, group managing director of Power Assets, in a press conference.
Shareholders of the company has approved the name change, taking effect from Wednesday, in a special general meeting held late January, said the company in a statement earlier.
With local billionaire Li Ka-shing as its major shareholder, the company has been actively investing in businesses across the world since late 1990s, while the profit of which contributed to about 30 percent of total in 2009.
"Following two major acquisitions in the UK last year, we expect earnings from operations outside Hong Kong to reach half of the group's earnings in a few years time or more," Tso said.
To date, the company has a global presence with investments in six countries, including interests in 13 power plants, seven electricity distribution networks as well as a gas distribution network outside Hong Kong.
Meanwhile, the company will continue to operate local electricity business under the old name, Tso added.
Founded in 1889, the company is now responsible for electricity supply for Hong Kong Island and Lamma Island.
Shares under the new stock short name of "Power Assets" are expected to be traded on the Hong Kong Stock Exchange from February 23.
Source:Xinhua