Sichuan New Energy Power faces ownership shift via merger

Sichuan Energy Development, a newly established entity, is poised to become the controlling shareholder of Sichuan New Energy Power Co., Ltd. (SZSE:000155) through a merger involving significant asset transfers and equity changes. This development stems from a strategic reorganization approved by the Sichuan Provincial Government and its State-owned Assets Supervision and Administration Commission (SASAC). The key event is the merger of two major provincial entities, namely Sichuan Investment Group (川投集团) and Sichuan Energy Investment Group (能投集团), into Sichuan Energy Development. As a result, Sichuan Energy Development will inherit the holdings of 能投集团, directly controlling 561,714,254 shares (30.43%) of Sichuan New Energy Power, and indirectly controlling an additional 166,801,151 shares through its ownership of化工集团 and 能投资本. The transaction does not involve cash payment, and it is exempt from a mandatory tender offer as it's an approved state-owned asset restructuring. While the deal does not change the ultimate controller (still Sichuan SASAC), it will result in a change to the company's largest shareholder. Sichuan Energy Development commits to maintaining the operational independence of Sichuan New Energy Power and ensuring fair practices.