Weiqiao Textile (02698) said it entered into a thermal power assets swap agreement with controlling shareholder Shandong Weiqiao Chuangye Group.
The company has agreed to acquire the thermal power plant located in Changshan Town, Zouping County, Shandong Province from the parent at Rmb4,368 million. It will satisfy the payment by disposing to the parent the four thermal power plants located in Weiqiao Town and Economic Development Zone of Zouping County, Shandong Province and setting off the balance between the respective value of the thermal power plant and the Weiqiao thermal power plants of about Rmb532 million.
The current generation cost per KW for the parent's thermal power plant is around 30% lower than the current generation cost per KW for the Weiqiao thermal power plants. The power generation cost of Weiqiao Textile is expected to be reduced after the completion of the acquisition.
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