Li Ka-shing's Power Assets seeks USD 4.8 billion loan from banks- sources
Power Asset Holdings Ltd had been seeking a USD 4.8 billion or HKD 37.5 billion loan from various lenders. Sources told Bloomberg that the loan would have a proposed term of three years. Asia's wealthiest man Li Ka-shing controls Power Assets Holdings Ltd, the holding company of. The people with knowledge of the matter told Bloomberg that proceeds of the loan would be used by its spinoff unit HK Electric Investments Ltd to finance its acquisition of Hong Kong Electric Co. Hong Kong Electric is a subsidiary of Power Asset Holdings.
Last month, two other sources said Power Assets planned to raise up to USD 5 billion through the sale of its units in Hong Kong. In a filing to the Hong Kong Stock Exchange, Power Assets said it would be selling up to a 70% stake in the electric arm through a business trust structure.
Data gathered by Bloomberg showed that should the Power Assets pushed through with a USD 5 billion sale, it would be the largest public offering in Hong Kong since October 2010. The highest record was held by AIA Group Ltd, which raised USD 20.4 billion in its share sale.