EDP sells a 50% stake in EDP Ásia
Today EDP has agreed with ACE Asia – an entity participated by CWEI Hong Kong Company Limited, a fully-owned subsidiary of China Three Gorges – the sale of a 50% stake in its subsidiary EDP Ásia.
Pursuant to the terms and for the purposes of article 248 of the Portuguese Securities code, EDP - Energias de Portugal, S.A. ("EDP") provides the following information to the market and general public:
Today EDP has agreed with ACE Asia – an entity participated by CWEI Hong Kong Company Limited ("CWEI HK"), a fully-owned subsidiary of China Three Gorges ("CTG") – the sale of a 50% stake in its subsidiary EDP Ásia – Investimento e Consultoria, Limitada ("EDP Ásia").
EDP Ásia holds a 21.2% stake of Companhia de Electricidade de Macau – CEM, S.A. ("CEM"), the utility which acts as exclusive concessionaire for transmission, distribution and commercialization of electricity in Macao Special Administrative Region ("MSAR") since 1985. As of 2013, CEM held 1,680 km of electricity grids, 472 MW of installed capacity and commercialized ~4.4 TWh of electric energy.
The parties valued the 50% stake of EDP Ásia at €94 million and the transaction should result in a capital gain for EDP estimated at c.€110 million in 2014 including the revaluation of EDP's 50% stake in EDP Ásia.
This transaction – agreed within the context of the Strategic Partnership established with CTG in December 2011 and that entered into force on May 2012 – provides further evidence to the Strategic Partnership progress, namely given that this investment shall be considered for the purposes of compliance to the total €2 billion investment by CTG.
EDP – Energias de Portugal, S.A.
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