Power Assets gains approval to list HK Electric

Power Assets Holdings Limited, controlled by Hong Kong's richest man Li Ka-shing, won approval for the proposed spin-off and separate listing of the company's Hongkong Electric Company Limited (HK Electric) on Monday.

The company announced that the ordinary resolution proposed to approve the proposed spin-off was passed by the shareholders by way of poll at the extraordinary general meeting held on Monday.

The meeting saw 99.73 percent of votes cast in favor of the proposal, while 0.27 percent against it. Cheung Kong Infrastructure Holdings Limited, which holds a 38.87 percent shareholding interest in the company, cast all their votes in favor of the proposal.

Hongkong Electric is expected to start trading on Jan. 29, according to a statement released by Power Assets in December, 2013, which also mentioned that the electricity unit will have a market value of 48 billion HK dollars (about 6.2 billion U.S. dollars) to 63.4 billion HK dollars after the spinoff.

Established in 1889, the Hongkong Electric Company Limited is one of the longest-established power companies in the world. As the main operating company of Power Assets Holdings Limited, HK Electric provides electricity supply to customers on Hong Kong Island and Lamma Island (1 U.S. dollar = 7.75 HK dollars)