China Three Gorges raised 534 million euros with the sale of 100 million shares of the Portuguese company. The operation was aimed at qualified institutional investors.
China Three Gorges (CTG), EDP’s largest shareholder, raised 534 million euros from the sale of 100 million shares of the Portuguese company. The information was communicated by the group to CMVM.
The block of shares corresponds to around 2.52% of EDP’s capital and the “placing’s total proceeds reached approximately 534 million euros, corresponding to a price of 5.34 per share,” the Chinese group explains in the statement. BNP Paribas and Credit Suisse acted as Joint Bookrunners of the placing.
“The “settlement of the placing shall occur on January 19, 2021. Following settlement of the placing, CTG will hold 754,740,000 shares in EDP which will be subject to a 120 lock-up, subject to certain exceptions,” says the China Three Gorges.
According to the Chinese group, “this transaction complements other adjustments in CTG’s position in EDP’s share capital over the last 12 months, such as the sale of a 1.8% stake in EDP share capital through an accelerated bookbulding in February 2020, as well as the subscription of EDP’s 1 billion euros capital increase in August 2020, in which CTG reinforced its shareholding position.”
With the sale of these shares, “CTG’s stake in EDP’s share capital stands at 19.0%, continuing to support the strategic partnership established between EDP and CTG more than 9 years ago, and which is a key pillar of CTG international strategy.”