Shenhua Group signs RMB3B syndicate loans to acquire State Grid Energy
Shenhua Group is said to have signed a loan facility agreement with eight Chinese banks for a loan of RMB3 billion, which will be used for acquiring State Grid Energy.
Shenhua Group had earlier announced to sign an equity transfer agreement with State Grid Corp to acquire 100% stake in State Grid Energy Development (國網能源發展公司). However, such transaction has not been approved by the government authority. (y)
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