Li Ka-shing Sells More Mainland Assets, Eyes Finnish Power Grid

November 8, 2013 Leave a comment

Li Ka-shing Sells More Mainland Assets, Eyes Finnish Power Grid

11-07 10:37 Caijing

The latest sell came as reports say the HK tycoon is interested in purchasing Finland’s electricity distribution work, following a flurry of his investments in Europe.

Li Ka-shing, the richest man in Asia, has sold more of his conglomerate’s assets in the Chinese mainland while on the other hand shows increasing interest in investing in Europe. Changyuan Group, the biggest heat-shrinkable and high-polymer PTC producer in the Chinese mainland, said in a statement on Tuesday that Concord Investment Co., Ltd., its controlling shareholder, a member of Cheug Kong Group has reduced its stake by 5 percent. Cheung Kong group is the flagship company of Mr. Ka Shing Li’s multinational business. Changyuan became listed on the Shanghai Stock Exchange in December 2002 and is the only A-share company Li holds.

This is the fourth stake reduction Concord has made this year, leaving its shareholding to 20.76 percent compared with 35.76 percent at the beginning of this year.

The latest sell came as reports say the HK tycoon is interested in purchasing Finland’s electricity distribution work, following a flurry of his investments in Europe.

Fortum is currently looking for a buyer for the Finnish power grid which could be worth up to 1.5 billion euros, according to Dow Jones.

Sources said the Suisse Credit is helping the family’s Cheung Kong Infrastructure Holdings Ltd. with the deal.

Li has recently sold a string of assets in HK and mainland, sparking speculations that the billionaire is pulling out China despite he and his followers have rejected the rumor.

Li Ka-shing’s venture capital firm Horizons Ventures has also announced that it has invested in Bitstrips, an app that allows you to create cartoons of yourself.

Filed under Macro Trends

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