Power Assets, the utilities group controlled by Hong Kong tycoon Li Ka-shing, has sold a $1bn stake in one of its units to private equity firm Qatar Holding.
Power Assets, a power generation and supply group that has a 49.9 per cent stake in the Hongkong Electric Company, said it would dispose of a 16.5 per cent stake in that unit for HK$7.68bn ($1bn). It will retain a 33.4 per cent stake.
Power Asset's board said the sale presented an opportunity to reduce its stake, while retaining a significant holding. HK Electric was founded in 1889.
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