Shareholders of Hongkong Electric Holdings Limited today approved at an Extraordinary General Meeting (EGM) a proposal by the Board of Directors to change the name of the Company to "Power Assets Holdings Limited 電能實業有限公司", providing an identification which is in line with the Group's business development.
The name change is expected to take effect in mid-February upon approval by the Registrar of Companies in Hong Kong.
A majority of 99.96 percent of shareholders voted in support of the proposed name change at the EGM. The new name reflects the Group's increasingly diverse worldwide interests and its strategic focus on investing in power and utility related businesses outside Hong Kong, with investments in Mainland China, United Kingdom, Australia, New Zealand, Canada and Thailand.
These activities outside Hong Kong have in recent years become a major part of the Group's overall business operations providing increasing profit contributions. Earnings from operations outside Hong Kong are expected to continue to grow following the recent substantial acquisition of a 40% interest in electricity distribution assets in the United Kingdom.
In Hong Kong, the Group will continue to provide electricity through its subsidiary, The Hongkong Electric Company Limited.
About Hongkong Electric Holdings Limited
Hongkong Electric Holdings Limited is the listed vehicle of the Hongkong Electric Holdings Group of companies which includes The Hongkong Electric Company, Limited (HEC) and Hongkong Electric International Limited (HEI). HEC is an electricity utility established in 1889 and is engaged in the generation and supply of electricity to Hong Kong Island and Lamma Island. HEI is the investment arm of Hongkong Electric Holdings Limited with investments in Mainland China, the United Kingdom, Australia, New Zealand, Canada and Thailand.