Shareholders of Hongkong Electric Holdings Limited approved a proposal by the Board of Directors to change the name of the Company to "Power Assets Holdings Limited", 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 per cent 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.
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