Hongkong Electric Holdings Limited today marked a new milestone in the Company's history by taking on a new name - "Power Assets Holdings Limited 電能實業有限公司", to reflect its positioning as a global investor in power and utility-related businesses.
The new name took effect after the Company has obtained a certificate of change of name from the Registrar of Companies in Hong Kong. Shares under the new stock short name of "Power Assets 電能實業" are expected to be traded on the Hong Kong Stock Exchange from 23 February 2011, while the stock code will remain unchanged as "6".
Group Managing Director of Power Assets, Mr. Tso Kai-sum, said the new name reflects the Group's increasingly diverse worldwide interests. "While maintaining our investment in Hong Kong, we will expand our investment portfolio in power and utility related businesses outside Hong Kong," he said. The name change decision had been approved by shareholders at an Extraordinary General Meeting held in late January.
The Group's investment arm, formerly known as Hongkong Electric International Limited, will become "Power Assets Investments Limited 電能投資有限公司", also effective today.
Mr. Tso explained that as the local electricity market has become very mature, the Group has since late 1990s been actively investing in businesses across the world in order to expand its investment portfolio outside Hong Kong. To date, the Group has a strong global presence with investments in six countries, including interests in 13 power plants, seven electricity distribution networks as well as a gas distribution network outside Hong Kong.
"These activities outside Hong Kong have provided increasing profit contributions over the past 10 years, from less than 10% of total group contributions to about 30% in 2009. Following two major acquisitions in the UK last year, we expect earnings from operations outside Hong Kong to continue growing, reaching half of the Group's earnings in a few years time or more," Mr. Tso said.
Mr. Tso remarked that the old Company name bears geographical restrictions and cannot reflect the identity of the Group as a global investor. He said following the name change, the Group will continue to seek growth in the global business arena.
"At the same time, we will continue to invest in and operate the local electricity business under the name of "The Hongkong Electric Co., Ltd.". Hong Kong remains our home and we are committed to serving the local community with our continued commitment to excellence," Mr. Tso noted.
Meanwhile, the Group also launched today a new corporate website: "www.powerassets.com", while HK Electric's website is "www.hkelectric.com".
Power Assets Holdings Ltd is a global investor in power and utility-related businesses investing in electricity generation and distribution, renewable energy and gas distribution. Formerly known as Hongkong Electric Holdings Ltd., the Power Assets Group has two major subsidiaries – The Hongkong Electric Company, Ltd (HK Electric) and Power Assets Investments Ltd (PAI). Established in 1889, HK Electric is a power utility supplying electricity to Hong Kong Island and Lamma Island. PAI is the investment arm of Power Assets with investments in Mainland China, the United Kingdom, Australia, New Zealand, Canada and Thailand.