Huaihe Energy gains approval for major asset restructuring

Huaihe Energy Group (SSE:600575) announced that it has received approval from the Anhui Provincial State-owned Assets Supervision and Administration Commission (SASAC) for its major asset restructuring plan. The restructuring involves Huaihe Energy acquiring an 89.30% stake in Huaihe Energy Electric Power Group from its parent company, Huainan Mining (Group), through a combination of share issuance and cash payment. The transaction is classified as a major asset restructuring under relevant regulations, will not result in a change of the company's actual controller, and constitutes a related-party transaction but not a backdoor listing. The company's board of directors and all directors guarantee that the content of the announcement does not contain any false records, misleading statements or major omissions, and assume legal responsibility for the truthfulness, accuracy and completeness of its content. The deal is still subject to shareholder approval.