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Barclays 27 | LSE:BQ36 | London | Medium Term Loan |
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RNS Number:4520S Zhejiang Southeast Elec Power Co Ld 25 November 2003 Announcement of Zhejiang Southeast Electric Power Company Limited in relation to Phase II of the Expansion Project of its Subsidiary - Zhejiang Changxing Electric Power Limited Liability Company Zhejiang Southeast Electric Power Company Limited ("the Company") and all the members of the Board of Directors warrant the authenticity, accuracy and completeness of the contents of this announcement and shall be jointly liable for any false representations, misleading statements or material omissions contained herein. Zhejiang Changxing Electric Power Limited Liability Company ("Changxing Company ") is a subsidiary of the Company. Pursuant to the resolutions of the Fifth Meeting of the Second Board of Directors of Changxing Company, Changxing Company will commence the construction work for the expansion of 2 x 300MW coal-fired generation units. According to the relevant stipulations of the Stock Listing Rules of the Shanghai Stock Exchange, the relevant matters are announced as follows: I. Particulars of Changxing Company At present, the registered capital of Changxing Company amounts to RMB 0.61 billion yuan, the legal representative is Mr. Shou Desheng, and the business scope is the production and sale of electric power and the relevant derived production industry and supplementary industry. Currently, 2 x 300MW coal-fired generation units have been put into operation ("Changxing Phase I"). Changxing Company is a subsidiary of the Company and the Company has a 65% shareholding in Changxing Company. II. Particulars of the Changxing Company Phase II project The Changxing Company Phase II Project ("Changxing Phase II") is a project under which Changxing Company continues to expand 2 x 300MW coal-fired generation units on the basis of the existing Changxing Phase I. As an urgent power construction project during the Tenth Five Year Plan period of Zhejiang Province, construction work of Changxing Phase II is scheduled to commence within the year so that the first generation unit will commence operation by the end of 2005 and the second generation unit will commence operation by the end of June 2006. At present, the preparatory work of the preliminary stage of Changxing Phase II is progressing rapidly. On 16th September 2003, Zhejiang Provincial Development and Planning Commission submitted the proposal on the project to the State Development and Reform Commission by Document Zhe Ji Ji Chu (2003) No. 730. On 30th September 2003, the feasibility study report on the project passed the pre-examination. According to the Feasibility Study Report on Changxing Phase II, the estimated dynamic total investment of Changxing Phase II is RMB 2.585 billion yuan, including project capital of approximately 520 million accounting for 20% of the total investment. The required fund other than the capital will be provided by way of bank loans. Pursuant to the resolutions of the Fifth Meeting of the Second Board of Directors of Changxing Company, the capital of Changxing Phase II will be injected by way of capital increase by the shareholders in proportion to their respective shareholdings upon the approval of the project. III. Reasons and advantages of the expansion project of Changxing Phase II 1. Currently, the contradiction of the shortage in electric power supply in Zhejiang offers a relatively good prospect for the investment and construction of power resources projects. Changxing Phase I has realized an accumulated net profit of RMB 129.54 million yuan during the first three quarters of this year with relatively good economic benefits. On such basis, the expansion project of the Phase II project will enlarge its installed capacity and increase the electricity generation revenues. 2. Changxing is the electric power load centre of Zhejiang Province, and the Phase II expansion project may satisfy the requirements of local economic development and alleviate the intense situation of local electricity consumption. 3. The construction of Changxing Phase II may utilize the reserved site and related facilities of Changxing Phase I, which is beneficial in shortening the construction cycle and economize the investment. Board of Directors Zhejiang Southeast Electric Power Company Limited 25th November 2003 This information is provided by RNS The company news service from the London Stock Exchange END MSCBABLTMMTTMJJ
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