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Dongfang Electric Corp, China's top power generator maker, yesterday said it would list in the stock market in its entirety by injecting its core assets worth up to 15.01 billion yuan into a dually listed (Hong Kong and Shanghai) unit.

The listed arm, Dongfang Electrical Machinery Co Ltd, will buy a 68.05 percent stake in Shanghai-listed Dongfang Boiler (Group) Co Ltd and a 100 percent stake in Dongfang Turbine Co Ltd from their parent firm, owned by the central government, for 12.18 billion yuan.

Dongfang Electrical Machinery will also spend up to 2.83 billion yuan to purchase the remaining shares in Dongfang Boiler from other shareholders.

The company, listed in both Hong Kong and Shanghai, said 8.9 billion yuan would come from issuing 367 million A shares at 24.17 yuan each to the parent firm, with the rest of the 15.01 billion yuan to be paid in cash by instalments.

Dongfang Electrical Machinery will be renamed Dongfang Electric Co Ltd after the deal.

"The deal will improve our competitiveness considerably as we will have a wider product range and strong profit-making ability," said Si Zefu, chairman of Dongfang Electrical Machinery.

Si said the firm's line-up will include coal-fired, gas-fired, hydroelectric, nuclear and wind power generators.

Its 2006 net profits would surge to 2.14 billion yuan from 992 million yuan following the deal, he said.

Dongfang Electrical Machinery closed at HK$37.8 per share yesterday in Hong Kong, up 6.18 percent. In Shanghai, it rocketed by 10 percent to 57.2 yuan.

"China's fast-growing power sector provides us opportunities to be a first-class power equipment producer in the world," Si said.

He said Dongfang Electrical Machinery has no plans to seek strategic investors as it is more interested in mergers.

China encourages its central government-owned enterprises to conduct mergers and acquisitions (M&As) as well as list in their entirety to improve competitiveness.

The nation plans to form 30 to 50 internationally competitive big groups by 2010, according to the State-owned Assets Supervision and Administration Commission of the State Council, China's Cabinet.

There are 157 enterprises owned by the central government. The number will decline to 80 to 100 as a result of M&As by 2010.

Investment in China's power sector is expected to climb by 10 percent annually till 2010 in keeping with the booming economy's energy needs.

(China Daily May 18, 2007)