16 February 2019

Shanghai Electric takes stake in Turkish power firm, paper says

Shanghai Electric Power Co., Ltd. (600021.CN) plans to set up an investment company with registered capital of 50 million yuan (US$8.207 million) in the Shanghai free trade zone to coordinate capital management of the company’s overseas projects, the Securities Times reported Thursday. The company said it is also set to acquire a stake in Turkish firm EMBA Electricity Production Inc. (EMBA) to start preliminary work for its coal-powered electricity projects in Turkey. Shanghai Electric will own 53 percent of EMBA, while AVIC International Holdings Ltd. (00161.HK) will take a 2.99 percent stake, with the remaining 47 percent owned by the Turkish partner, the report said.

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