CPNE plans to sell 2.8b shares

China Power New Energy Development (CPNE) said over the weekend it planned to sell 2.8 billion new shares to China Yangtze Power Co, raising HK$2.1 billion ($270 million) to fund power generating projects. In a filing with the Hong Kong bourse, the company said it would issue new shares at HK$0.75 ($0.1) each to China Yangtze, which will hold 26.2 percent of the enlarged share capital upon deal completion.