VPower Group International Holdings Limited (“VPower Group” or the “Group”, stock code: 1608.HK), a leading DPG station owner and operator in Southeast Asia, is pleased to announce that the Group is going to partner with CITIC Pacific Limited (“CITIC Pacific”), a wholly owned subsidiary of CITIC Limited (stock code: 267.HK), to establish an investment fund – Tamar VPower Energy Fund I (the “Fund”).
The Fund, with an initial capital of USD 160 million to be equally contributed by the Group and CITIC Pacific, will seek long-term capital appreciation by way of investments in companies or operating projects in the energy sector positioned to benefit from economic growth in China, Central Asia, Southeast Asia and other markets encompassed by the “One-Belt-One-Road” Initiative of China.
The Group believes the energy sector in the markets along the “One-Belt-One-Road” Initiative presents a wealth of attractive investment opportunities and is also likely to flourish in the future, and the Fund will provide an effective platform for the Company to invest in the projects in energy sector. Accordingly, the establishment of the Fund will be conducive to realize substantial long-term capital appreciation of the Group and enhance the Group’s industry position in the energy sector.
Mr. Rorce AU-YEUNG, Co-Chief Executive Officer of VPower Group, gladly commented, “We are pleased to enhance our cooperation with our IPO cornerstone, CITIC Pacific, to achieve a win-win situation. By combining the resources of CITIC Pacific, the Group can better leverage its established leadership in the distributed power generation industry and therefore strategically position itself to seize the enormous business opportunities in the evolving energy sector along the ‘One-Belt-One-Road’ Initiative, making the Group a direct beneficiary of the ‘One-Belt-One-Road’ Initiative.”
This press release should be read in conjunction with the full text of VPower Group’s HKEx Announcement dated 29 January 2018, which is available on https://www.hkex.com.hk.
About VPower Group International Holdings Limited
VPower Group is principally engaged in SI business, in which the Group designs, integrates and sells gas-fired and diesel-fired engine-based gen-sets and PGSs, utilizing proprietary system designs and integration capabilities of the Group; and IBO business, in which the Group invests in, builds and leases and operates distributed power stations to deliver electricity to the region. It is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based DPG station owner and operator.
About CITIC Pacific Limited
CITIC Pacific is a wholly-owned subsidiary of CITIC Limited (stock code: 267.HK). Its key businesses include special steel manufacturing, energy and real estate development. It is also the majority shareholder of two companies listed on the Main Board of the Stock Exchange, namely, Dah Chong Hong Holdings Limited (1828.HK) and CITIC Telecom International Holdings Limited (1883.HK).
CITIC Limited is one of China’s largest conglomerates operating domestically and overseas, with businesses in financial services, resources and energy, manufacturing, engineering contracting and real estate as well as others.