Clifford Chance is advising Hong Kong-based power company CLP Holdings Ltd. on its $982 million issue of new shares.
CLP Holdings, the holding company for parent CLP Group, plans to sell 120.3 million shares at about $8.16 apiece as part of a placement scheduled for December 20, according to a filing to the Hong Kong Stock Exchange.
The funds raised will be used to “meet expected investment needs across the business,” the filing said, including further investment in CLP’s Hong Kong electricity business and the expansion of its power-generating capacity in other markets where the company is already operating.
CLP Group supplies electricity to 80 percent of Hong Kong’s population, according to the company’s website. The company also operates energy businesses in Australia, mainland China, India and Southeast Asia.
Hong Kong partner Amy Lo, with support from Shanghai partner Jean Thio, is leading the Clifford Chance team acting for CLP Holdings.
partner Craig Dally, also in Hong Kong, is representing placement agents Goldman Sachs (Asia), J.P. Morgan Securities Plc., and UBS AG, Hong Kong Branch.